Accelerated Claim Payments for Extreme Drought Conditions
Yesterday the Risk Management Agency (RMA) issued guidance to all Approved Insurance Providers (AIPs) authorizing them to utilize emergency procedures for crops damaged by drought.ย What this means for you is a potentially faster claim payment in the event there is a heavy claim load.ย It does not increase your [...]
USDA changes give you more freedom to utilize cover crops. Prevent Plant claims no longer at risk.
Key Take-Aways: ยทย ย Effective starting this year and all years going forwardย ย ยทย ย Eliminated 65% PP claim reduction forย hayed, grazed, or cut for silage, haylage, or baleage cover crops before Novemberย 1st ยทย ย There will still be a 65% PP claim reduction if harvesting for grain or seed ยทย ย Gives [...]
New Program Can Reduce Premium by $5/acre for Planted Cover Crops
Key Take-Aways: Insurance premiums are reduced by $5/acre for planted cover crops in 2021Grower must certify with FSA office by June 15thReduction automatically applied to the August billing statement Producers who planted cover crops this year can reduce their crop insurance premium by $5 per acre under a new U.S [...]
Important Spring Crop Insurance Policy Reminders
There are a ton of rules and requirements with the federal crop insurance program. It is almost impossible for a grower to know them all and keep up to date on all the changes. PRM is here to help farmers navigate the key dates and requirements for different parts of [...]
High Commodity Prices Can Bring High Payouts
The February base price for corn is $4.58 and $11.87 for soybeans for Revenue Protection (RP) and Yield Protection (YP) crop insurance policies. These commodity prices are significantly higher than last year. With Revenue Protection, it can lead to a high payout if the right combination of factors occurs. For [...]
ECO Covers Top Tier of County Losses for a Higher Premium
Growers have a new coverage option in the 2021 planting season called Enhanced Coverage Option (ECO). This new endorsement provides insurance coverage to a previous gap on the top end of county revenue losses between 86% to 90/95%. PRMโs analysis has found this new coverage is coming with a high [...]
John Deere Receivers Need an Update. PRM Can Help.
You need to know John Deere's mandatory software updates have consequences for all their models for the 2021 growing season. John Deere needed to make updates to keep their software compatible with the satellite network. In order for your John Deere Ag Management Solutions satellite ran systems like AutoTracย and precision [...]
SIGNIFICANT 2021 PREMIUM INCREASE IF NO CHANGES ARE MADE: PRM TAKE
Corn and Soybean crop insurance cost projections are between 30-45% higher in 2021 compared to last yearโs premium. Base prices for corn and soybeans are trending to be around $1 higher for 2021. Precision Risk Management found in a crop insurance projection analysis the increased base price and increased volatility [...]
Precision Technology is Better for Growersโ Bottom Line and the Environment: New Study
The use of precision technology has tremendous benefits to improving crop insurance reporting and lowering premium, but a new study shows it also can have other positive outcomes including better economic returns for growers and reduced impact on the growersโ land, according to the Association of Equipment Manufactures. Precision Risk [...]
Time is Running Out to Protect Your Farm
To get the best crop insurance coverage for their operation, farmers need to start the process today. The completed application deadline for the federal crop insurance program for most grain crops in the Midwest is March 15th. โTo properly analyze the policy for each crop year, and in turn only [...]
