Get More Coverage For Less Money
Utilizing the traditional ways of reporting crop insurance may be causing growers to be overpaying on premiums and reducing overall profitability. Precision Risk Management does crop insurance differently than any other provider. PRM ensures you only pay for the for the insurance coverage you need. The key is using precision technology partnered with a company positioned to utilize it to its full potential. PRM’s full Data Specialist team will help the grower set-up the precision technology to help reduce overall premium up to 7%.
Watch how easy this is:
Actual planted acres are not always the same as FSA acres. The Farm Service Agency (FSA) provides maps that showcase the entire area possible to be insured. There is no requirement to insure it all and very likely all of the area should not be insured. Only the acres that were planted that season should be insured. Otherwise, the grower is creating unnecessary insurance coverage and added premium. Rock beds, waterways, trees are just a few examples of acres growers could be paying crop insurance premiums on.
In addition to paying for unused premium, the other drawbacks compound. Using FSA acres can artificially lower a grower’s actual production history (APH). Total production for a field is divided by the number of planted acres to calculate the APH. When the acres are overstated using FSA instead of the true planted acres, it drops the APH. This lowers the maximum potential payout for any claims.
Through precision technology electronic reporting, PRM ensures accuracy of what was actually planted thereby increasing APHs. This results in more insurance coverage for less cost.
PRM’s Data Specialists can help set up your precision technology and give support whenever needed.
Get in touch with a PRM representative
Precision Risk Management’s precision technology set-up process is only intended for use with crop insurance data collection and reporting. Other applications of the precision technology are possible but are not provided by PRM.