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GROUP RISK PROTECTION (GRP)
The group risk protection plan pays a producer when the
county yield falls rather than your own yield falling. GRP
can carry a trigger yield as high as 90% of the county average yield.
GRP has high dollars of protection and pays on every acre reported
in a county when a loss occurs. GRP can be supplemented with
hail and fire coverage and in some cases replant and prevented planting
coverage. Ask your agent about covering seed corn, sweet corn, popcorn
with GRP.
GROUP RISK INCOME PROTECTION (GRIP)
GRIP is similar to the Group Risk Protection Plan. GRIP will pay
when the county revenue falls below a guaranteed level (up to 90%
of the county expected revenue) rather than only a bushel production.
Revenue decreases due to bushel drops, commodity price drops, or
both may cause GRIP losses to trigger. GRIP offers high dollars
of protection and can be supplemented with hail and fire coverage
and in some cases replant and prevented planting coverage. Ask your
agent about covering seed corn, sweet corn, popcorn with GRIP. Harvest
Revenue Option (Fall Price Increase Coverage) - This endorsement
increases your trigger point and dollars of coverage if the CBOT
fall harvest prices increase above the CBOT spring plant prices.
PRIVATE COVERAGE
REPLANT and PREVENTED PLANTING (RaPP)
- private coverage
This optional endorsement to your private HAIL coverage
provides the same benefits and coverage for prevented planting and
replant as MPCI, CRC, RA policy coverages. This endorsement is available
for GRP and GRIP policy customers in some areas.
INDIVIDUAL RISK PLANS
REVENUE ASSURANCE (RA)
RA is like CRC but with additional options. You can elect
optional units, basic units, and also an enterprise unit or a whole
farm unit. RA can guarantee a plant price for your revenue
protection or you can elect to add the Harvest Price Option
and cover any upward price movement for the commodity insured.
CROP REVENUE COVERAGE (CRC)
CRC insures your revenue for a crop. A producer receives
protection from low or high market prices combined with your crop
production to guarantee against a revenue loss. If a production
loss occurs, the loss will be paid at the greater of the planting
price or the harvest price. Guarantees are based on optional
units, basic units, or on an enterprise unit.
INCOME PROTECTION (IP)
Income Protection is like CRC or RA except the crop is
covered as one enterprise unit. Also, your revenue guarantee is
based planting price with no increase in coverage with upward price
movement for the commodity price at harvest.
MULTI PERIL - ACTUAL PAST
HISTORY (MPCI - APH)
This is the production (bushel) only coverage that most producers
have traditionally used. A producer reports their past yields and
is given a production guarantee based on that history. An annual
price, set by the USDA, is used for payment of losses of production
that fall below the guaranteed level.
CATASTROPHIC (CAT)
Catastrophic coverage is the lowest level of APH. CAT
insures 50% of your production average at 55% of the annual USDA
price for a premium fee of $100. CAT has only basic units
and does not pay for replants.
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