September Update & Key Info

Wheat

  • September 30th, 2022 is the last day to add or change your MPCI coverage for your wheat planted this fall (2023 crop year).

    • Please contact us if you intend to PLANT any wheat this fall so that we can ADD or REVIEW your coverage.

  • Oct. 15th - Final Plant Date

  • Nov. 15th - Acreage Reporting Deadline

Margin Protection

  • September 30th, 2022 sign-up deadline

  • Margin Protection is a relatively new insurance option provided & subsidized by the federal government. It can be purchased in addition to your MPCI policy and used to provide protection against declining crop prices, lower county yields, and increasing input costs.

    • Margin = Revenue (Price x Yield) - Costs

  • Area Plan - based on county yields

    • You could have a loss on your farm, and NOT receive a Margin payment, or vice-versa

  • Provides an additional (3rd) price to add alongside your MPCI Revenue Protection (RP) spring and harvest prices

    • Projected Prices - the discovery period just ran from 8-15-22 to 9-14-22

      • $6.11 Corn (26% volatility, based on Dec ‘23 futures contract)

      • $13.56 Soybeans (21% volatility, based on Nov ‘23 futures contract)

  • For more info, click HERE or the button below

PRF (RI) - Pasture, Rangeland, Forage (Rainfall Index) Insurance

December 1st, 2022 sign-up deadline for the 2023 crop year (Jan 1. to Dec. 31)

  • PRF is a federally subsidized option to insure established perennial pasture, rangeland or forage (alfalfa) used to feed livestock (hay or graze) for a single peril - lack of rain

    • PRF helps to offset additional expenses during dry times for things like:

      • Additional feed costs - buying hay or other feed

      • Additional irrigation costs (if irrigated forage)

      • Costs associated with destocking and depopulating

  • PRF has grown significantly in popularity over the last couple of years - it is now the 5th largest commodity insured by a federal program & likely to grow with many more acres eligible

    • This seems to be driven primarily by the high subsidy rates of over 50% which results in the historical loss payouts being greater than the producers’ premium over time by a fairly wide margin.

    • PRF covers approximately 55% of all U.S. land, nearly 650 million acres.

  • For more info, click HERE or the button below

Grain Fire Coverage

  • WHAT IS Grain Fire?

    • Provides fire coverage for your unharvested acres of crop (FMH private product)

    WHY Grain Fire?

    • Provides coverage for fires caused:

      • accidentally by YOU or someone else - examples: combine fire, cigarette thrown in road ditch

      • AND by Acts of God (lightening, wild fire)

    • MPCI (Multi-Peril) ONLY provides coverage for fires caused by Acts of God

    • Your Crop Hail policy provides grain fire coverage as well, but it is limited to your hail $/ac of coverage

      • Grain Fire allows you to add additional coverage on top of your hail policy

      • Prior losses under your hail policy reduce your remaining coverage available for future hail or fire losses

    • 0% deductible for grain fire losses

MPCI - Quality Adjustments / Discount Factors

  • Discount Factors (DF)

    • If a DF applies, it reduces the production (bushels) to count for MPCI yield purposes, thereby increasing the likelihood that there will be a payable loss and/or it can increase the loss payment if already below the bushel guarantee.

    • If multiple DF’s apply, you add them together. Then the total is subtracted from 100% to get the net QAF (Quality Adjustment Factor) that is multiplied by the PTC (Production To Count).

  • Corn - Low TW for MPCI

    • For TW 49 and above, no DF (discount factor)

    • For TW 48-48.9, a 4.0% DF is applied

    • For TW 47-47.9, a 5.1% DF is applied

    • For TW 46-46.9, a 6.1% DF is applied

    • For a list of all of the DFs, please see the Special Provisions (SPs) for the county or ask us - below is a link to the SPs for Corn in Saunders county

  • Corn - Aflatoxin for MPCI

    • If you run into Aflatoxin in your corn, please let us know right away.

    • Do NOT bin corn if you think it has Aflatoxin, can make the problem worse by contaminating the rest of the bushels in the bin.

    • For 20 PPB or less, no DF (discount factor)

    • For 20.1 to 50 PPB, a 10% DF is applied

    • For 50.1 to 100 PPB, a 20% DF is applied

    • For 100.1 to 200 PPB, a 30% DF is applied

    • For a list of all of the DFs, please see the Special Provisions (SPs) for the county or ask us - below is a link to the SPs for Corn in Saunders county

Direct Deposit for Claim Checks

  • If you would like to sign-up for direct deposit for any future claim checks, it is easy to do so, just let us know.

  • Direct Deposit helps you get paid faster for any crop insurance loss payments that you are owed.

    • No chance of getting delayed or lost in the mail.

Silage, High Moisture Corn, Ag Bags, Fed Production

  • If you are going to have:

    • Corn chopped for silage

    • Any crops NOT harvested as grain

    • Grain stored in Ag Bags

    • High moisture corn going to a bunker or a high moisture bin

    • Corn fed to livestock

  • Please contact us ASAP, more than likely we will need to get an adjuster out to do an appraisal BEFORE you harvest.

Production Records - LOSS or NO Loss:

  • Grain should always be SOLD under INSURED’S name.

  • Keep SEPARATE production records by farm (unit)

    • Keep insurable & uninsurable acreage production SEPARATE (ex. 1st crop / 2nd crop)

  • If delivered to a commercial facility, we will need to get a copy of your load summary sheets, not just the individual tickets.

  • If stored in your grain bins:

    • Record which fields are stored in each bin.

    • If you place more than one field (unit) in a single bin, make sure you have an acceptable load log by field -AND/OR- place a mark on the side of the bin at the top of the grain before adding grain from the next field (also make note if cone up, flat, or cone down).

  • LOAD LOGS - an acceptable load log could be:

    • Grain cart or farm scale weights:

      • Keep a notebook log of the weights OR have printed scale tickets

      • Bluetooth Libra or iForeman grain cart system.

    • Precision harvest yield maps from your combine monitor.

    • Both bluetooth grain carts & precision yield maps can actually serve as a HARD record IF calibrated and if they are a complete record for a given field (unit).

  • PRECISION harvest YIELD maps:

  • Farm Scales:

    • **NEW** A stationary farm scale can now be used as a HARD record IF it has been calibrated/certified by an independent third party within the last 12 months.

  • As always, if relying on technology like harvest monitors or bluetooth grain carts, it is a good idea to have a backup record / production reporting option.

  • Give us a call if you have questions about acceptable records or if you want help figuring out a method that works BEST for YOUR operation.

Production Reports:

  • The best time to report your production is as soon as you finish harvesting - while it is still fresh in your mind.

  • December 10th is the End of the Insurance Period - with that said, we like to have ANY POSSIBLE claims filed by this date. To do so, we like to get your production reported by then so we can check for any losses.

  • ONCE you have your PRODUCTION RECORDS ready, PLEASE LET US KNOW so we can help you get your crop insurance production report filled out.

    • If possible, we like to get a copy of your PRODUCTION RECORDS (ex. elevator summary sheets, bluetooth grain cart records, bin measurements, load logs, etc.)

  • If you would like your GRAIN BINS MEASURED, please contact us as soon as you are finished with harvest.

  • If you would like to use your PRECISION harvest YIELD MAPS to report your production, please let us know once you are done harvesting so we can start processing the precision data.

Production Reporting Reminders:

  • Do NOT report production by YIELDs, rather report by TOTAL bushels.

  • Do NOT OVERSTATE production.

  • IF production reported is INACCURATE, could be PENALIZED with Assigned Yields for MULTIPLE or ALL UNITS equal to:75% of previous year’s APH (or actual yield if less)

  • Optional Units (OU) will be combined if the production has not been kept separate or no discernible breaks left at section lines.

MPCI Revenue Protection (RP)

  • If your yield falls below your guarantee, you get paid the HIGHER OF the SPRING or the HARVEST price for each bushel lost.

Premium Due Date extended to November 30th

  • The USDA Risk Management Agency (RMA) has waived interest for an additional two months on crop insurance premiums for the 2022 Crop Year.

  • Premium Due Date: Nov. 30th, 2022

    • IF premiums are paid by this date, no interest will be charged.

  • Billing Date: most bills will be mailed out at the end of August

  • How to pay:

    • You can mail a check directly to the insurance company.

    • You can drop your check off at our office & we will mail it for you.

    • You can pay online or by phone - If you have questions on how to do so, please let us know.

Grain Bins - CARRYOVER GRAIN:

  • If you still have any 2021 OLD crop grain in your bins, do NOT put any 2022 NEW crop grain in BEFORE you have an insurance adjuster measure => Contact us ASAP and we will get a measurement scheduled.

Deferred Hail & Wind Claim Inspections:

  • If you have any fields that were deferred by the adjuster to re-inspect before harvest, please contact us or the adjuster BEFORE you harvest

  • Corn: If it is to the milk (roasting ear) stage or later, the field is ready to be re-inspected. The adjusters are starting to inspect these fields now (8-8-22).

  • Soybeans: The adjuster would like to re-inspect these fields as close to harvest as possible. As we get closer to soybean harvest, the adjuster will come back out and start inspecting these fields.

  • IF you have deferred fields and if you have not heard from the adjuster as we approach harvest, please contact us or the adjuster to get your inspection scheduled.

3rd Party Damage - Ex. spray drift:

  • Example: Dicamba or other chemical is sprayed on a neighboring field and it drifts or moves and causes damage to your field.

  • 3rd Party Damage like this example is an UNINSURABLE cause of loss under you MPCI policy.

    • If needed, you may seek compensation from the 3rd Party and/or their liability insurance policy.

  • As soon as you are aware of the damage, please NOTIFY us ASAP as we may need to submit a claim for you. A timely field claim opens up the possibility of excluding the yield so it doesn’t hurt your APH.

  • For MORE info, click HERE or the “3rd Party Damage” button

Want to Discuss or have Questions?

  • If you would like to discuss, get a quote or have questions, please contact us - call, text or email.

Thank you for your business & have a safe harvest!

Last Updated: 9-19-22