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The group risk plan pays a producer when the county yield falls (as little as 10%) rather than his own yield falling. GRP has high dollars of protection and pays on every acre reported when a loss occurs. GRP can be supplemented with hail and fire coverage and in some cases replant and prevented planting coverage.
GRIP is similar to the Group Risk Plan with area wide coverage based on the county yield. GRIP will pay when the county revenue falls rather than the production. GRIP offers high dollars of protection and can be supplemented with private coverage such as GRP.
This is the traditional plan that most producers have. A producer reports his past yields and is given a production guarantee based on his history for each "unit'. Losses are paid based on the "market price" set each year by the USDA.
Catastrophic coverage is the lowest level of APH. CAT insures 50% of production at 55% of the market price for a fee of $100. CAT has no optional units and does not pay for replants. CAT coverage provides very little coverage..... usually discovered at loss time.
Income Protection is like CRC except one "enterprise unit" is used to determine losses. The other main difference is that production losses are paid at the planting price - no upward price movement with the insurance guarantee.
RA is similar to CRC with Optional units allowed. When RA is selected with the “Harvest Option,” RA will allow for an upward price movement to pay production losses. The producer may elect Basic, Enterprise or Whole Farm unit option as an alternative to Optional units.
CRC is similar to APH with one exception: price is insured. A producer can receive protection from low or high market prices (revenue loss). If a production loss occurs, the loss will be paid at the greater of the planting price or the harvest price. Guarantees are based on units.
Hail insurance is private coverage purchased on crops with dollars-per-acre coverage to protect against hail and fire losses. Many companies also cover transit losses, lightning, vandalism, etc. Grain storage is in many hail contracts which can supplement or replace similar coverage in a farm owner’s policy.
Private Replant and Prevented Plant is an endorsement for hail coverage that can only be purchased by GRP & GRIP customers. This endorsement provides coverage for replant and prevented planting.