At American AgCredit we know an investment lost due to a crop failure or natural disaster is capital that can never be recovered by your operation. That’s why we offer crop insurance products to protect your investment while it’s still in the field. American AgCredit has specialized staff that knows crop insurance and can answer your questions about how to protect your financial investment from insurable perils.
Contact your loan officer or insurance specialist today to discuss the insurance alternatives available for your operation.
Crop Hail insurance provides actual cash value coverage to growing crops for direct losses caused by hail, fire and lightning, fire department service charges, and limited transit perils to the first place of storage. Various endorsements are available to modify the coverage to include or exclude other named perils or modify the policy provisions. Many deductible options are offered to allow you to manage your coverage and cost.
Crop Fire insurance provides actual cash value coverage to growing crops against direct losses caused by fire or lightning and limited transit perils to the first point of storage. Optional endorsements are available for stored grain coverage against direct losses due to fire and lightning at the first place of storage.
MPCI is a federal crop insurance plan, sometimes referred to as Actual Production History (APH), which provides coverage for yield losses due to naturally occurring events. Specific causes of loss are determined by the crop provisions but may include perils such as adverse weather conditions, fire, insects, plant disease, wildlife, earthquake, volcanic eruption, or failure of irrigation water supply. MPCI also provides prevented planting and replanting protection on some crops in some counties. Various coverage levels and price elections are available. Losses occur when harvested production is lower than the insured production guarantee established in the policy.
Revenue Insurance products are federal crop insurance plans referred to as Crop Revenue Coverage (CRC) or Revenue Assurance (RA) and offer protection for both yield reduction and price fluctuations. CRC and RA guarantee prices are established by formulas within the contract, referencing commodity exchange futures prices during specified time periods. These plans of coverage are not available on all crops or in all counties. Perils insured against are similar to MPCI including prevented planting and replanting coverage on some crops in some counties. Losses occur when actual revenue, as defined in the policy, is lower than guaranteed revenue.
PRF is a federal crop insurance pilot program which provides area plan coverage for producers who graze livestock or raise hay for forage. PRF-RI is designed to insure against a decline in a Rainfall Index within a 12 mile by 12 mile grid. The index is based upon over 60 years of rainfall data within the National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center database. As a pilot program PRF-RI is only available in some counties in the American AgCredit territory.
GRIP is a federal crop insurance plan which offers county-based revenue insurance to producers using National Agricultural Statistical Service (NASS) data to establish county revenue levels. The product is not related to the individual producer’s revenue level but pays a loss when the county average revenue falls below the trigger revenue level selected by the producer. GRIP losses are paid the following year when the NASS data for the insured crop year are released.
GRP is a federal crop insurance plan which offers county-based yield protection when the county yield falls below the trigger yield elected by the producer. Similar to GRIP, losses are paid in the year following the insured crop year after county average yields are released by USDA. GRP has a lower paperwork requirement than the individual plans of coverage.
American AgCredit is an equal opportunity provider and employer. All of our insurance plans are available to all producers regardless of race, color, national origin, age, disability, and where applicable, sex, marital status, familial status, parental status, religion, sexual orientation, genetic information, political beliefs, reprisal or because all or part of an individual’s income is derived from any public assistance program.
