Private Products
Over the last few years declining prices have made it difficult to insure rising costs. With this decline, some producers
are turning to private products to give added protection. Private products are offered by each insurance company
and are not subsidized or regulated by the federal government. Each company has slightly different products, but the
products can add additional coverage to a multi-peril policy in areas such as price/revenue, replant
and crop hail.
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Revenue Private Products: Most insurance companies have a private product that provides
additional revenue coverage on corn and soybeans. These policies allow insureds to utilize different
unit structures, experiment with additional price discovery periods, or provide additional
protection when revenue losses are just over or under an insured’s MPCI guarantee. These
policies are specific to each insurance company and only available during specific time periods
in each state.
Extra Replant Coverage: Adding additional replant coverage is a great way to cover the gap between the
cost of replanting and the payment from a MPCI policy. This extra coverage pairs with an underlying MPCI policy to
supply added protection against the unpredictable weather that causes replant situations.
Crop Hail Products: Crop hail provides coverage against not only hail, but also mischief, fire and theft. An insured can
also add additional coverage for wind, green snap and grain fire coverage. Crop hail products are sold on a dollar per
hundred basis, which gives insureds the ability to personalize their policy to fit their operation.
If you are looking for ways to increase your revenue guarantee, maximize your replant coverage or protect yourself
against added perils, please contact your local crop insurance specialist to discuss your options.
DATES TO REMEMBER
March 15
Last day to sign up for MPCI crop insurance coverage on 2019 spring crops.
Last day to make any changes to an existing MPCI policy for your 2019 spring crop policy.
All written agreements on crops need to be completed prior to March 15 for submission to RMA.
April 29
Last date to turn in production reports for 2018 spring crops.
July 1
Premiums/fees for fall crops will be billed.
July 15
Acreage reports due for all spring planted crops.
Reports must be completed, signed and received by your agent by this date.
August 15
Premiums/fees on spring crops will be billed.
22 HEARTBEAT | WINTER 2018