As you plan for the upcoming season, we want to help you learn about three new and/or expanding products that made a big difference for many of our clients in 2016. And we also want to help you visualize your risk. A Silveus Insurance Group agent can develop a custom matrix layering in all strategies and insurance and provide an easy-to-read grid that will help you scenario plan.
To get you started, our new educational pages for Price Flex, Pasture, Rangeland & Forage, and Whole Farm Revenue Protection include explanations, coverage areas, and customer case study videos.
- Price Flex: 2016 was a great example of the benefits ofPrice Flex for growers. Price Flex is a private insurance product for producers of corn, soybeans, wheat or cotton and gives farmers additional flexibility to manage price-risk challenges. Price Flex can be purchased 18 months before harvest with no out-of-pocket cost until next harvest. Farmers buy one or more alternative price discovery periods (intervals of 15 or 30-days throughout the year) and the highest is used to establish the revenue guarantee for loss purposes.
- Pasture, Rangeland, & Forage (PRF): This insurance provides protection against a single peril – lack of precipitation for hay and grazing operations. PRF offsets the cost of additional livestock feed expenses in times of drought. A PRF policy is simple, no need to submit a loss claim or to notify your agent of a claim and protects up to 90% of normal rainfall on grass and hay land. It can be a little confusing to buy, but we have developed a calculator that makes is simple.
- Whole Farm Revenue Protection (WFRP): WFRP allows farmers to insure historic revenue across all commodities on the farm under one insurance policy, rather than each individual commodity. It is designed for farms to insure between 50 to 85% of their gross revenue, up to $8.5 million of revenue guaranteed. Producers with specialty or organic commodities – both crops and livestock, or those marketing to local, regional, farm-identity preserved, or direct markets, are eligible.
And something to keep on the horizon for 2017, Margin Protection (MP). MP offers risk protection in exchange for the smallest revenue deductible in all of crop insurance. We are fighting in D.C. to have this program expanded to as much of the country as possible. It is an incredible tool that provides producers with coverage against an unexpected decrease in their operating margin. It can be stand alone or it can be purchased with Multi-peril.
Are you ready to scenario plan for 2017? Click here to speak with your Silveus Insurance Group agent to gain more visibility and make more informed insurance decisions.