When it comes to crop insurance, there are many decisions and regulations to consider. In this video, Travis Stewart, discusses how replant, late plant, prevented planting, and 1st crop/2nd crop provisions may affect you.
Although no producer goes into a planting season with the anticipation of low yields, low commodity prices, and a payout from their crop insurance policy come harvest time – it happens. Unfortunately, in times of tight margins and the inability for some to cover their break-even costs, Yield and Revenue Protection plans regulated and offered through the Risk Management Agency do not provide sufficient amount of coverage for some producers to farm comfortably.
I have seen quite a few companies and agencies promoting “captives” as a sound alternative to federally re-insured crop insurance. Suggesting a farmer’s best risk management strategy may be situated in a group of like-minded producers, who self-insure through the help of a licensed insurance company, thus bypassing commercially sold insurance products.
So that leads me to ask…
Sometimes we overlook change and don’t realize all that can happen within a year. Take a moment to think about everything that has happened and if you should review your insurance needs. It’s important to do so annually as coverage needs change as the circumstances in our lives change.
Dairy Revenue Protection (DRP) is designed to insure against unexpected declines in the quarterly revenue from milk sales relative to a guaranteed coverage level. The expected revenue is based on futures prices for milk and dairy commodities and the amount of covered milk production elected by the dairy producer. The covered milk production is indexed to the state or region where the dairy producer is located.
Stay up-to-date with the current Running Harvest Prices Averages for several commodities. These prices are current as of October 15, 2018. The price discovery period for corn and soybeans will continue throughout the month of October. Be sure to contact an ABIS crop agent for further questions and future up to date information.
In this video series we will be talking all things surrounding the 2018 Farm Bill. Each episode will review various topics and questions in hopes of shedding informative light with the help of our guests and discussions.
Let us know your thoughts and feedback during each episode and what you’d like to see next!
Find our first episode down below and be sure to subscribe to our YouTube Channel so you don’t miss out!
We've put together the top 10 highlights of the 2018 Farm Bill from the House Agriculture Committee.
ABIS Crop Insurance has been talking to farmers a lot about this Excessive Rainfall product. Why? Because we believe that farmers should an upper hand from the financial impact of wet weather that Mother Nature provides.
In Southern Minnesota, recent snowfall has delayed the ability for crops to begin the growing process.
Farmers looking for coverage to protect their crops from further or potential delay still have time before the deadline to plant corn (May 31) and soybeans (June 10). Most growers have already chosen an insurance plan before March 15.
But the uncertainty of generating money has local farmers and businesses looking for solutions.