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Tag Archive: "crop insurance"

ARC & PLC Are Not Crop Insurance

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February 17th, 2014

We had a reader ask the following question: “Paul, I have been reading your blogs about federal crop ins.  Is PLC and ARC the whole program or do we still have the traditional options that we have had the last few years? If the traditional plan is still in place will we have to pick […]

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10% of Benchmark Revenue not Benchmark Guarantee

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February 3rd, 2014

A problem with trying to read a 900 page plus farm bill on a small laptop screen is that it is very easy to misread some of the fine print.  A reader gave us a comment regarding ARC that the maximum payout is 10% of benchmark revenue, not benchmark guarantee.  In this case, the actual amount […]

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Crop Insurance Changes in New Farm Bill

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February 2nd, 2014

Supplement Coverage Option (SCO) will be available to a farmer who elects Price Loss Coverage (PLC) instead of Agricultural Risk Coverage (ARC).  ARC provides similar coverage, however, there is no premium to be paid by the farmer, but there is a limit on the  amount of payment that a farmer can receive.   With SCO, the farmer can […]

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What Crop Insurance Level Should I Get for 2014?

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December 10th, 2013

Crop insurance is a risk management tool for farmers.  Over the last couple of years it has, in many cases, paid off in substantial claims based primarily on the high spring or fall price.  The University of Illinois just released a projection of the crop insurance premiums for productive soil in that state.  Although large claims […]

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Crop Insurance Deferral Options

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November 6th, 2013

It appears that at least $5 billion of crop insurance claims have been processed this year and with the approximate $1.20 drop in corn prices from the spring, it is likely that additional corn claims will be made.  Unlike last year when almost all claims related to yield losses, this year, most of the claims […]

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Semantics Can Be Important

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June 25th, 2013

It has been brought to our attention that certain AGR crop insurance policy claims are being denied.  These claims are being made by a single member LLC which is being filed on a schedule F on the farmers personal tax return. An AGR policy is based upon the gross revenue of the farm operation. A […]

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Update on 2012 Crop Insurance Losses

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May 30th, 2013

Farm Doc Daily from the University of Illinois just release an extremely good article updating the total net crop losses incurred during 2012.  As most of us are aware, 2012 resulted in the highest amount of indemnity payments ever paid under the crop insurance system at slightly more than $17 billion.  2010 was in second […]

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Crop Insurance Proceeds on Feed Consumed by Livestock

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February 10th, 2013

We received the following question(s) from a reader: “My husband and I received crop insurance proceeds this year due to drought. It was for hay and pasture losses. The insurance company classifies the crop as “forage”. If this was hay we would normally feed to our cows in the following year may we defer this […]

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Updated Harvest Prices

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November 1st, 2012

Although the final corn and bean harvest prices have not been officially revealed, the University of Illinois in their FarmDoc daily blog, just released their final harvest estimate.  Back on October 11, I posted a guess of the final corn price being $7.55 per bushel.  FarmDoc indicates a final price of $7.50 (I was a […]

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$6 Billion Cuts in Crop Insurance Program

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June 14th, 2010

As we have discussed in this blog before, the Obama administration is going forward with $6 billion in cuts to the crop insurance program.  This will end up slashing agent commissions that have been as high as 30% of premium.  Under the new plan, these commissions will now be capped at around 18% of premiums […]

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