We are excited to announce that we have officially entered the Eastern Iowa and Western Illinois insurance markets following the opening of our office in Tipton, Iowa. Phillips Stafford Insurance Group welcomes Matt Lafrenz to the team to head up the Tipton, Iowa office. Matt started his insurance career as a captive agent with Country [...]
What is Livestock Risk Protection? Livestock Risk Protection (LRP) is customizable price protection for cattle and hogs. How does Livestock Risk Protection work? You have the opportunity to lock in a coverage price based on the futures closing price. You select the number of head, expected selling weight, and expected selling date. If the actual [...]
Revenue Protection (RP) Based on an APH yield of 200, 80% Revenue Protection provides 160 bushel guarantee. With no other coverage, there is a bushel deductible of 40 bushels per acre. You can see this illustrated in the first bar. Supplemental Coverage Option (SCO) SCO is a county based coverage that starts where Revenue Protection [...]
PACE (Post Application Coverage Endorsement) is a new crop insurance product for 2021. This coverage is for crop operations that use split nitrogen applications. If wet weather or an insurable cause of loss prevent the post nitrogen application from the V3-V10 growth stages, an insurance claim would trigger to pay for potential yield decreases due [...]
2022 Projected Prices for corn and soybeans are expected to be approximately $1 higher than in 2021. The 2022 December corn futures is tracking around $5.50 and November soybean futures around $13.00. What does this mean for Revenue Protection? In regards to coverage, a 200 APH with 85% RP coverage would have a $935 guarantee. [...]
Time to make Farm Bill elections for the 2022-23 season. Should you elect ARC-CO or PLC? ARC-CO Below is a brief overview of ARC-CO. The table shows the Olympic Yield and Trigger Yield for each county based on an estimated Marketing Year Average Price of $4.80 for corn and $10.50 for soybeans. It also shows [...]
Marshall, Grundy, and Hardin counties qualify for a Yield Exclusion starting in 2021 for 2020 corn yields. In August of 2020, the derecho wiped out many fields and caused poor yields in others. Marshall County was hit the hardest with averaging a 92 bushel corn yield. The southern part of Grundy and Hardin counties were [...]
Every year you report your production to your crop insurance agent. This yield history creates your approved APH yield used to determine your crop insurance coverage. There are a few factors that can modify your actual yields to increase your approved APH yield. What factors can modify approved APH yields? Yield Floor - This coverage [...]
Some farmers purchased Margin Protection last September as crop prices were above $5 for corn with a concern of increasing input costs. As time has passed through fall and winter, crop prices have continued to rise. Now we are looking at purchasing our crop insurance for the 2022 season and ECO is one of those [...]
If you purchased Margin Protection last September for the 2022 crop season, you may be wondering how the inputs are tracking. Margin Protection includes fixed costs and variable costs to determine the Expected Margin by county. The variable costs will impact a potential claim payment. The projected variable costs were determined in Aug/Sept of 2021. [...]
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