CROP INSURANCE PLANS
Alness Insurance Services LLC
INSURANCE RISK MANAGEMENT SERVICES
REVENUE PROTECTION PLANS:
Revenue Protection policies insure producers against yield losses due to natural causes such as drought, excessive moisture, hail, wind, frost, insects, and disease, and revenue losses caused by a change in the harvest price from the projected price. The producer selects the amount of average yield he or she wishes to insure; from 50-75 percent (in some areas to 85 percent). The projected price and the harvest price are 100 percent of the amounts determined in accordance with the Commodity Exchange Price Provisions and are based on daily settlement prices for certain futures contracts. The amount of insurance protection is based on the greater of the projected price or the harvest price. If the harvested plus any appraised production multiplied by the harvest price is less than the amount of insurance protection, the producer is paid an indemnity based on the difference.
YIELD PROTECTION PLANS:
Yield Protection policies insure producers in the same manner as APH polices, except a projected price is used to determine insurance coverage. The projected price is determined in accordance with the Commodity Exchange Price Provisions and is based on daily settlement prices for certain futures contracts. The producer selects the percent of the projected price he or she wants to insure, between 55 and 100 percent.
WHOLE FARM REVENUE PROTECTION (WFRP):
Whole-Farm Revenue Protection (WFRP) provides a risk management safety net for all commodities on the farm under one insurance policy and is available in all counties nationwide. This insurance plan is tailored for any farm with up to $8.5 million in insured revenue, including farms with specialty or organic commodities (both crops and livestock), or those marketing to local, regional, farm-identity preserved, specialty, or direct markets.
PASTURE,RANGELAND, FORAGE (PRF):
Pasture, Rangeland, and forages cover approximately 55 percent of all U.S. land. Forage grows differently in different areas, so it's important for farmers and ranchers to know which types and techniques work best for their region.
LIVESTOCK INSURANCE PLANS:
Dairy Revenue Protection Plan: Dairy Revenue provides protection against a decline in revenue (yield and/or price) on the milk produced from dairy cows on a quarterly basis.
Livestock Gross Margin Plan: Provides protection against loss of gross margin (market value of livestock minus feed costs).
Livestock Risk Protection Plan: Provides protection against price declines.
Hail is one catastrophe that is most likely to totally destroy a part of your crop and leave the rest undamaged. The acres and loss of crop yield caused by hail damage may be less than the deductible of your federal crop insurance policy or it may not lower your yield enough for a revenue insurance policy to protect your profits. Crop hail insurance can fill that gap. While federal crop policies protect you against losses severe enough to significantly drop the yield per insured unit, crop hail insurance gives you acre-by-acre protection that can be up to the actual cash value of the crop.g with us, you can determine which available plan will best meet your risk management needs for the current insurance year.
RAMP (REVENUE ACCELERATOR MAX PROTECTION FROM FMH OF IOWA)
RAMP was one of the first pricing products in the industry. The product has been enhanced and expanded in availability since it launched in 2015 and remains one of the leading pricing products in flexibility for all producers. RAMP gives producers the opportunity to boost revenues at specific risk levels within their risk management plan, including coverage up to 95 percent. RAMP supplements the insured’s MPCI coverage and is designed to help provide additional coverage when production and/or revenue losses are just over or under the MPCI guarantee. RAMP is flexible and can be used in many ways to increase the insured’s overall coverage. RAMP coverage is either meant to Strengthen/Supplement their current MPCI policy or it can Build on top of it. What they intend their RAMP policy to accomplish is dependent on which RAMP band of coverage they choose. RAMP has two policy types: • RAMP Yield (RY) is a plan that pays if the production to count (harvested bushels) falls within or below the selected coverage band.• RAMP Revenue (RR) is a plan that pays if the harvest revenue falls within or below the selected coverage band.There are additional crop insurance products available.
There are other plans available - we will work with you to find the best options for your unique operation.