Private Crop Products
There are numerous private and custom crop insurance products avaialbe. Some are named perils like HAIL insurance. Some are companions to federal USDA multi-peril products which enhance you benefits and fill gaps in standard coverage. The following is a summary list and descriptions of key provate products we ahve for you:
Crop-Hail
Contrary to its name, this policy insures crops against more than just hail damage. In most cases, crops are also covered against loss due to fire while the crop is in the field, and numerous other perils are insured while the crop is in transit to the first place of storage. A Crop-Hail policy will also provide broad coverage on some crops while the crop is in storage. For some crops, other perils such as Wind, Greensnap, Replant, Prevented Plant, Custom Bundles, can be added to the policy. In most cases, a Crop-Hail policy will insure up to 100% of the expected value of a crop.
Added Price Locking products can supplement and enhance typical Crop Revenue protection products. They vary widely in details, but in general act as a hedge to achieving a higher projected crop revenue guarantee. Some of these products include;
MPD - (NAU's Multiple Price Discovery)
Contact our agents for full details - - -
Price Flex- (Great American)
Contact our agents for full details - - -
NetRev - (ADM's Net Revenue)
Contact our agents for full details - - -
County Advantage Coverage
County Advantage is supplemental to ARPI. It indemnifies the producer for the difference between what individual insurance coverage (i.e., RP or YP) would have paid and what the producer's ARPI policy pays. This policy protects producers that buy ARPI and experience an individual loss, but the county does not.
Ultimately, the producer will receive the greater of what ARPI, or an individual (RP/YP/RP-HPE) policy, would have paid (but not both).
If the producer’s ARPI policy pays out more than what the individual policy would have paid, the producer is entitled to the total amount of the payment minus any payments received on the individual policy, allowing the producer to always receive the higher of the two payments.
For the pilot year, County Advantage can be purchased as an individual revenue policy, which is designed to function similar to a RP/RP-HPE policy. County Advantage is available with a Harvest Revenue option and Late Planting. An Optional Replanting Election is available but Prevented Planting coverage is not.
ARC - Area Revenue Combo
ARC is an area-revenue-based supplemental coverage that may be elected in incremental dollar amounts to insure a portion of your crop’s value that is not covered by your underlying Revenue Protection (RP) or RP-Harvest Price Exclusion (RP-HPE) federal crop insurance coverage. For the 2012 Crop Year, ARC is offered for corn and soybeans in select locations across the country.
Crop Replant
The Crop Replant policy offers supplemental replant coverage for corn and soybeans up to the producer-elected dollar amount of coverage per acre. Crop Replant pays up to $50 per acre replanted and helps cover the 20/20 gap left by your underlying MPCI policy.
County Plus
County Plus is an individual-revenue-based supplemental coverage to your federal Group Risk Income Protection (GRIP) policy that is essentially the opposite of ARC. County Plus is available for corn and soybeans in selected counties in IL, IN, OH and select other states. County Plus indemnifies the greater of a producer-level policy or a group-level policy, with three different options to choose from.
Crop Wind
Crop Wind allows a producer to purchase wind coverage for corn without buying hail coverage. Our competitors require you to purchase a hail policy in addition to the wind coverage, which results in higher premiums. Coverage includes bent, broken, flattened, green snapped and severed stalks between the brace roots and the ear that cannot be mechanically harvested due to the peril of wind. In addition, the optional extra harvest expense coverage offers payment for corn that can be harvested, but is blown down to a point that makes the harvest operation a much slower and labor-intensive process.
Grain Fire
Field Grain Fire is a supplemental policy written in conjunction with a Federal reinsured policy that provides coverage to mitigate production losses due to fire or lightning for coarse grains and small grains. Fire department fees and transit coverage to the first place of storage are also covered with this policy. Insurable crops include: Barley, Corn, Flax, Grain Sorghum, Oats, Rye, Safflower, Soybeans, and Wheat.
FAC Plus
Following Another Crop Plus is a product written in conjunction with a Yield Protection, Revenue Protection, or Revenue Protection with Harvest Price Exclusion Multi-Peril Crop Insurance policy on soybeans. The policy covers loss due to declines in producer’s yield on soybeans planted following another crop. The FACP policy is only available for the enterprise unit structure, and only the producer’s acreage that follows another crop may be insured. Contact your agent for more information on how a Following Another Crop Plus policy may fit into your overall risk management plan.
Dry Land Plus
Dry Land Plus is a product written in conjunction with a Yield Protection, Revenue Protection, or Revenue Protection with Harvest Price Exclusion Multi-Peril Crop Insurance policy on corn & soybeans. The policy provides supplemental coverage to mitigate production loss on insurable causes on non-irrigated land. The DLP policy is available for the enterprise unit structure, and only covers the producer’s non-irrigated acreage. Non-irrigated acreage cannot exceed 40% of total insured acreage. Contact your agent for more information!
Optional Advantage
Optional Advantage is a product written in conjunction with a Enterprise Unit Revenue Protection or Revenue Protection with Harvest Price Exclusion Multi-Peril Crop Insurance policy on corn & soybeans. The policy provides supplemental coverage to mitigate insurable causes of loss on each optional or basic unit comprising the enterprise units.
