Here are a few crop insurance reminders:

Revenue Protection Claims

Corn

Prices have declined from the $5.91 Projected Price. On September 1, December corn futures is at $4.81, $1.10 lower. If prices continue at this level, the probability of a Revenue Protection claim is high.

Example:

220 APH x $5.91 Projected Price x 85% Coverage Level = $1,105 Guarantee Per Acre.

If Harvest Price is $4.81, a yield of 229 or below would trigger a claim.

If Harvest Price is $5.00, a yield of 221 or below would trigger a claim.

If Harvest Price is $4.60, a yield of 240 or below would trigger a claim.

Soybeans

When it comes to soybeans, there is a chance for  a claim due to hot, dry weather limiting yield potential. Current prices are fairly even with the $13.76 Projected Price. If yield falls short of your bushel guarantee, you are guaranteed $13.76 per bushel or the Harvest Price, whichever is higher.

With a chance of a crop insurance claim, you want to make sure you retain accurate harvest records.

Traditional Claim

  • Keep accurate records by field or unit structure
  • The adjuster will need to verify total bushels through settlement sheets, bin measurements, and feed logs.
  • Then the adjuster will want to allocate bushels to each field/unit by using load logs, bin markings, and combine records.

Precision Claim

  • With Precision Reporting, you need to calibrate your combine within 3%.
  • The adjuster will review planting maps, harvest maps, and calibration reports.
  • The claims process is quick and easy! Read Why I Should Precision Report?

ECO/SCO/MP Claims

  • These products use county yields, which are released after production reporting in the spring.
  • The county yield will be applied to your policy coverage and a claim will automatically generate.
  • Here is a link to 2023 County Yields.

Report claims to your crop insurance agent. Remember if prices are lower this fall, make sure to know your trigger yield!