Unavoidable Loss and Third
Party Damage
Did you have damage caused by Dicamba drift
or other unavoidable causes of loss this year?
In 2017, there was an increase in damage due to these types of losses. In
response, producers will now be allowed to exclude yields from their APH
database due to uninsurable, unavoidable fire and third party damage. A
notice of loss must still be timely reported and the insured must document
and be able to prove that the damage was unavoidable and caused by an
uninsured cause of loss. The insured must also keep and report the production
from the damaged crop. Each situation will be evaluated by the insurance
companies on a case-by-case basis. Please notify your crop insurance specialist
as soon as possible if you think you may qualify for this exclusion.
Private Products
DATES TO
REMEMBER
March 15
Last day to sign up for MPCI
crop insurance coverage on
2018 spring crops.
Last day to make any changes
to an existing MPCI policy for
your 2018 spring crop policy.
All written agreements on
crops need to be completed
prior to March 15 for
submission to RMA.
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. April 29
Last date to turn in production
reports for 2017 spring crops.
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. July 15
Acreage reports due for all
spring planted crops.
Reports must be completed,
signed and received by your
agent by this date.
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.
July 1
Premiums/fees due for fall
planted crops.
August 15
Premiums on spring crops will
be billed.
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.
HEARTBEAT | WINTER 2017 25