In recent years, some producers have purchased private insurance products to enhance protection by minimizing gaps in MPCI coverage. Private policies are not federally subsidized or regulated by the federal government. As a result, policy provisions will vary by insurance company. Some common products we offer include:
Revenue Private Products
Most insurance companies have a private product that provides additional revenue coverage on corn and soybeans. These policies allow insureds to utilize different unit structures, experiment with additional price discovery periods, or provide additional protection when revenue is above or below MPCI claim triggers. Details regarding this type of coverage will be specific to each insurance company and may have strict timelines for sign up.
Extra Replant Coverage
While most MPCI products have a set reimbursement for replant this often falls short of covering actual costs. Extra replant products provide valuable coverage during heavy replant years but may exclude coverage for high risk land. Sign up deadline for extra replant coverage is March 15.
Crop Hail Products
Crop hail products often provide coverage against hail, mischief, fire, stored grain, and theft. An insured can also add additional corn coverage for wind, green snap, and extra expenses associated with harvesting a downed crop. Crop hail policies are usually sold on a dollar per hundred basis allowing producers to personalize coverage to fit their operation.
If you are looking for ways to increase your revenue guarantees, maximize your replant coverage, or protect against other perils, please contact your local FCS Financial crop insurance agent to discuss your options.
Contact one of our crop insurance agents to learn more about private insurance products.
