Farmers: take action, make protection plan
Farmers reminded of looming Federal crop insurance deadline
The final date to purchase, change or cancel Federal crop insurance is just days away. Illinois farmers and landowners have until Wed., March 15, to make their protection decisions on 2017 spring-planted crops. Federal crop insurance offers several ways to protect against loss of revenue and/or yield.
“Farmers can further reduce risk by developing a grain marketing plan,” said Sheri Bane, vice president of commercial lines and agribusiness operations for COUNTRY Financial. “Our financial representatives and crop specialists partner with AgriVisor® L.L.C., a joint venture of GROWMARK, Inc., and the Illinois Agricultural Association®, to help farmers with market analysis and to secure grain contracts.”
Farmers who do not make insurance coverage decisions on or before the March 15, sales closing date will have the same coverage as the previous year.
COUNTRY Financial Federal Crop Revenue and Yield Protection policy offerings:
Revenue Protection Products: Provide protection from both crop prices and yields.
- Revenue Protection (RP)
- Revenue Protection with the Harvest Price Exclusion (RP-HPE)
- Area Revenue Protection (ARP)
- Area Revenue Protection with the Harvest Price Exclusion (ARP-HPE)
- Whole Farm Revenue Protection (WFRP)
Yield Protection Products: Provide protection against loss of production.
- Yield Protection (YP)
- Area Yield Protection (AYP)
"Federal crop insurance is a complex product and farmers have different needs," Bane said. "We recommend farm operators and managers meet with certified Federal crop representatives to compare products and decide which policy is best for their situation."
COUNTRY Mutual Insurance Company® is among the leading Federal crop insurers in Illinois. In addition to providing Federal crop insurance, the organization also offers Crop-Hail insurance for hail, vandalism and fire damage to standing crops not covered by Federal crop insurance. The GrainGuard® policy provides protection for harvested grain, tornado debris cleanup, replant options and several other coverages.
The Federal Crop Insurance Corporation (FCIC) through the United States Department of Agriculture (USDA) is in place to promote the economic stability of agriculture through this system of crop insurance. There are many risks for farmers and their operations including increased input costs, volatile grain markets and uncertain weather.
To follow other crop insurance and finance topics COUNTRY Financial is covering, follow us on Twitter @hellocountry, search #AgAtCOUNTRY and head to countrycrop.com.