CROP INSURANCE NEWS: NOW IS THE TIME TO SIGN UP FOR HAIL INSURANCE!
before damage occurs. Below are some other important items of note regarding hail coverage. •M ost hail insurance covers other perils above and beyond hail damage. Policies also cover fire, vandalism and malicious mischief, transit to the first point of storage, and stored grain coverage if you happen to have bin(s) at home. •H ail coverage is available on most any crop; even if you don’t have a Federal crop insurance option, it can generally be covered for hail. •A customer is able to carry a Federal MPCI policy as well as a hail policy, and collect on both in the event of a loss.
What used to be considered a fairly rare event seems far more commonplace now. Hail is a separate policy from your multiperil crop insurance coverage. Federal crop insurance covers hail damage as it relates to yield reduction, but producers can also purchase separate hail coverage for their crops from the same companies that offer federal crop insurance. As an added bonus, your hail policy can provide coverage for fire, lightning, vandalism/ malicious mischief and transit to the first place of storage. Hail insurance is based on the percent of damage received at a particular growth stage, which allows insurance companies to perform adjustments and pay indemnities during a growing season, without having to wait until harvest. Rates and coverage vary by crop and county. Keep in mind, hail insurance must be purchased
•H ail coverage is based on a dollar amount of coverage per acre, with premium generally quoted per $100 of coverage. For example, if someone wanted to cover their corn at $700 per acre, and the premium was 60 cents per $100 of coverage, their premium for corn would be $4.20 per acre. •O ne benefit to hail insurance over MPCI is that you can insure up to the total expected value of the crop, whereas on MPCI you’re limited to 85%. •H ail coverage generally has many different endorsements available, including quality en-dorsements on crops intended for fresh market, canning reject endorsements, etc. To learn more about how a hail policy works or what options are available and covered with a hail policy, contact your GreenStone crop insurance specialist today to review your options. ■
Crop Insurance Calendar... APRIL
ACREAGE REPORTS The earlier we get started on reporting your planted crop acres, the earlier we can process your reports and return for your review. It is the customer’s responsibility to report the crop that was planted in each section, the planting date and your percent share of that crop. Reporting your crop accurately and double checking everything on the Schedule of Insurance is very important. Corrections or changes cannot be made after the July 15th reporting deadline. You do not need to report to FSA before reporting your planted acres to your crop insurance specialist. If you use precision planting technology, we can save you a lot of time reporting acres. Contact your local GreenStone crop insurance team if you have any questions or would like assistance. ■ 45
Spring 2021 — Partners
15
Sales Close Date for Apple Tree Insurance
29
Production Reporting Deadline for all 2020 Spring Crops
MAY
31
Oat Acreage Report Due
JULY
1 15
Forage & Fall Wheat Premiums Billing Date Spring 2021 Acreage Reports Due
AUGUST
15
Spring Premium Billing Date
