Crop Insurance Products

Crop Insurance Products

You have the option of two types of crop insurance products: Multiple Peril Crop Insurance (MPCI) and Crop-Hail.

Multiple Peril Crop Insurance

MPCI policies must be purchased prior to planting and cover loss of crop yields from all types of natural causes including drought, excessive moisture, freeze and disease. Newer coverage options combine yield protection and price protection to guard farmers against potential loss in revenue, whether due to low yields or changes in market price. 

Under the Federal Crop Insurance Program’s unique public-private partnership, the USDA Risk Management Agency (RMA) authorizes the private companies writing MPCI policies. The private companies maintain the service side of the program – writing and reinsuring policies, marketing, adjusting and processing claims, etc. The RMA sets the rates that can be charged and determines which crops can be insured in different parts of the country.

 

Crop-Hail Insurance

Crop-Hail policies are not part of the Federal Crop Insurance Program and are provided directly to farmers by private insurers. Many farmers purchase Crop-Hail coverage because hail has the unique ability to totally destroy a significant part of a planted field while leaving the rest undamaged. In areas of the country where hail is a frequent event, farmers often purchase a Crop-Hail policy to protect high-yielding crops.

Additionally, Crop-Hail protects you against yield loss caused by fire, lightning and vandalism while the crop is in the field or harvester. It also extends to protect some crops during transit or storage. Hail insurance is very reasonably priced and makes a great addition to your risk management package and can be purchased at any time during the growing season.

Two types of hail policies:

  • Auto-hail:  Hail policy tied to your Multi-Peril Crop Insurance policy. You choose the coverage level you want per crop, practice and county. It is applied to all crops covered on your MPCI policy. Policies must be renewed by June 1.

  • Stand-alone hail:  Written only on specific crops and fields you want to insure for hail coverage. Keep in mind, hail insurance must be purchased before damage occurs.

 

Crop-Hail policies can be customized for your operation depending on the potential risks to your crops and the commodities being produced. 

 

Optional endorsements and private products:  
  •  Green Snap/Wind
  •  Revenue Net
  •  Extra Harvest Expense
  •  Price Flex
  •  Additional Replant Endorsement
  •  Crop Hail/Fire
  •  Replant/Prevent Plant for ARPI Policies
  •  Enterprise Plus
  •  Trend/Yield Adjustment
  •  Private Area Revenue
  •  Yield Exclusion
  •  Added Price Option
  •  Fresh Option
  •  Processing Option

GreenStone FCS is an equal opportunity provider and employer.