Crop Insurance News

MICRO-FARM CROP INSURANCE NEW IN 2022, UPGRADED IN 2023!

The Risk Management Agency has created a new policy for producers with an approved average revenue of under $350k annually. Micro Farm crop insurance is a heavily subsidized policy, which results in relatively low premium for producers compared to individual crop policies. This is a simple form of the Whole Farm Revenue Protection policy that provides a revenue safety net for all commodities combined on your farm. Micro Farm provides protection against the loss of insured revenue due to unavoidable natural causes of loss during the insurance period. Growers who take this policy are ineligible to utilize any other underlying policy, except for NAP coverages. Coverage levels range from 5085%, with an 80% premium subsidy through 75%, and lower for coverage levels of 80-85%. Sales close for late fiscal tax filers is November 20, 2022, and March 15, 2023 for calendar year filers. GreenStone’s specialty crop insurance team can educate you on the details of this new option! Growers that fit under the $350,000 cap are encouraged to contact their agent as soon as possible to see if this policy would be a better option for 2023 coverage than their current elections. Though for most producers the sales close isn’t until March 15, 2023, it is important to make the decision prior to November 20 if any underlying coverage need to be canceled. ■

WHOLE FARM REVENUE PROTECTION UPGRADED FOR 2023!

The liability limit for Whole Farm Revenue Protection (WFRP) producers has increased to 17 million per crop year, a significant increase from the prior limit of 8.5 million. WFRP provides a revenue safety net for all commodities combined on your farm. To see if this policy would provide the desired risk management for your farm, reach out to one of our crop insurance specialists today. ■

APH REVIEWS

The Risk Management Agency (RMA) threshold for an Actual Production History (APH) policy review is $200,000. An APH policy review is simply the process of verifying the accuracy of the insured reported production, share and acres. Accurate and complete records will simplify the process along with following these guidelines: • Production records must be separated by crop, practice, type, unit, and the actual crop year. • Records must be sorted by the 578 producer prints, settlement sheets and soft records. • The insured must keep three years of production records. • Daily livestock feeding should be recorded daily. • Printed combine monitor records should be stored with settlement sheets. • The insured cannot split truckloads, tickets, and bins between units without proper soft records for comingled production. • Co-mingled production needs to be measured by a disinterested third party. • The insured should keep original records and provide the Approved Insurance Providers (AIP) with copies. Hard records are production records that prove the final disposition of the total crop and are verifiable by a third party. Soft records are the documents an insured must provide if production is separated by unit, practice, type, or variety. Soft records must include all units and missing, or incomplete soft records may result in comingled production and the loss of optional units. This may result in a lower guarantee. If you think you will be submitting a claim that will be above the $200,000 threshold, please contact your agent to begin the APH Review process. Most claims will not be paid until the review is completed. The earlier the process begins, the earlier a claim can be paid. For more details, please contact your local GreenStone crop insurance specialist. ■

APPLE REMINDERS

November 20, 2022 is the sales closing deadline to change your current coverage or take out a new policy for the 2023 crop year. Premiums are not billed to you until August 15, 2023, and are due September 30. Your current coverage will carry over for 2023 if you do not change anything in writing by November 20. January 15 is the acreage and yield reporting deadline for fruit. Please report acres and production as early as possible! The County Transitional Yield (T-Yield) and 2023 prices have been recently announced. That information will be included in your renewal information later this year, or you can contact your crop insurance specialist for more details. ■

SWEET CHERRY INSURANCE CHANGE

Growers can now have optional units by type, where they can have independent coverage for canner and briner type processing sweet cherries. Contact your specialty crop insurance specialist for more information. ■

END OF INSURANCE PERIOD

Insurance ends on each unit or part of unit at the earliest of: • Total destruction of the crop • Harvest • Final adjustment of loss • Applicable calendar date in the crop or special provisions • Abandonment • Or, as otherwise specified in the Crop Provisions Provisions require a Notice of Loss (NOL) within 72 hours of damage discovery but not later than 15 days after the end of insurance period. Revenue losses must be submitted no later than 45 days after release of Harvest Price. It is the insureds responsibility to contact their crop insurance specialist if they have or think they have a loss. ■

CO-MINGLED PRODUCTION

Please be aware that any production from 2021 being carried over into the 2022 harvest needs to be measured or marked by an adjuster prior to adding the current year’s production. Added production needs to be kept separate by unit through bin markings. If you need a bin measurement, call your specialist. ■

ACREAGE & PRODUCTION REPORTS

It is the customer’s responsibility to report the crop that was planted in each section, the planting date, the percent share of that crop and the quantity harvested. Reporting your crop accurately and double checking everything is especially important. Corrections or changes cannot be made after the reporting deadline. If you have any questions or would like assistance, just contact your local GreenStone crop insurance team. ■