Protecting your yields.
Crop insurance throughout eastern Iowa.
Crop insurance provides you with the guaranteed bushels and/or revenue dollars to protect your farming operation through multiple natural perils and market movements. Talk with one of our advisors to determine which plan is the best fit for your operation.
Yield Protection (YP)/Actual Production History (APH)
The YP and APH policies insure producers against yield losses due to natural causes such as drought, excessive moisture, hail, wind, frost, insects and disease. You select the amount of average yield you wish to insure, from 50-75 percent (80% and 85% are also available on some crops in limited areas), and the percent of the price you want to insure (between 55 and 100 percent).
Depending on where you farm, the YP or APH plans may be available on Barley, Canola/Rapeseed, Corn, Dry Beans, Forage Production, Grain Sorghum, Hybrid Seed Corn, Millet, Oats, Popcorn, Rye, Soybeans, Sugar beets, Sunflowers, and Wheat. The primary difference between YP and APH is how the price is determined. Crops insured through YP have a price set through a commodity exchange price provision. The APH plan is available for crops that do not have prices set by a commodity exchange. The price for APH is set by the Risk Management Agency (RMA).
Losses occur when the harvest yield is less than the yield insured due to a covered peril. Late planting, prevented planting and replanting protection is part of the policy.
Revenue Protection (RP)
The RP plan gives you all the coverage of YP and APH, plus protection against loss of revenue caused by yield and/or market fluctuations. It allows you to “lock in” your guarantee at a predetermined price.
Depending on where you farm, the RP plan may be available on Barley, Canola/Rapeseed, Corn, Grain Sorghum, Popcorn, Soybeans, Sunflowers, and Wheat. Prevented planting and replanting protection is part of the policy. RP can also be purchased with the Harvest Price Exclusion.
Area Revenue Protection (ARP)
ARP is a county-based revenue insurance policy that pays the producer in the event the final county revenue falls below the trigger revenue level selected by the producer. ARP is similar to AYP but guarantees revenue instead of yield. ARP offers “upside” harvest price protection by valuing lost bushels at the harvest price.
Losses are not paid based on the producer’s individual revenue level. When the county yield estimates are released, the county revenues (or payment revenues) will be calculated the following crop year.
Area Yield Protection (AYP)
AYP is a county-based insurance policy that pays the producer in the event the county yield falls below the trigger yield selected by the producer. Since losses are not paid based on the producer’s individual yield performance, AYP is intended for those growers who have a yield that corresponds with the county yield. The Federal Crop Insurance Corporation (FCIC) will issue the payment yield in the calendar year following the crop year insured.
Crop Hail insurance provides the grower protection against yield reduction caused by hail and/or fire. Some policies may also pay for fire department service charges, damage during transit and replant costs. Deductible options allow you to insure up to the full value of the crop.
The Production Hail crop hail policy may be an efficient alternative to more traditional hail insurance plans.
Companion Hail coverage is also available to insure the portion of the crop not covered under federal crop insurance policies such as Yield Protection or Revenue Protection. The Accel Group writes with several insurance companies to offer you competitive crop hail plans and rates.
*All products are available to all qualifying producers regardless of race, color, national origin, gender, religion, age, disability, political beliefs, sexual orientation, and marital or family status.
Some policies will cover everything, while others will specifically protect either your personal dwelling and possessions, or the equipment and buildings used in your agricultural business. In the latter case, make certain you check the definitions and exclusions.
Also consider insurance for livestock, harvested grains and so on. Ask how the replacement costs are calculated; specifically, whether lost profits are part of the calculations.
As with any business, you’ll also need to look into workers’ compensation for employees, liability insurance for visitors to your premises and specialty coverage for any vehicles you use for work rather than just for personal driving.
To take the next step in protecting your livelihood, contact us today.
Crop Insurance Quote Request
As an independent agency, we offer multiple options at competitive prices.