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Yield Protection (YP), Revenue Protection (RP), Revenue Protection with Harvest Price Exclusion (RPHPE), Catastrophic (CAT), Named Peril Insurance, Group Risk Plan (GRP), Group Risk Income Protection (GRIP), Adjusted Gross Revenue (AGR) and Hail Insurance. For more information on a particular product and how it could protect your farm operation, call Spartan Insurance to get the agent contact who would be close to you.
When can I sign up for insurance:
The deadline to sign up for fall wheat insurance is September 30, 2013. To change or add wheat coverage, you need to get with your agent before September 30. Wheat acreas planted for the 2013 crop year need to be reported by November 15th.
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Revenue Protection (RP) guarantees revenue protection. These policies will allow you to safely take advantage of attractive forward contracts at profitable prices regardless of what time of year it is and regardless of how your crop looks. RP allows and supports a more aggressive marketing plan. Crops available for RP in Michigan, Indiana, Ohio and Wisconsin are Corn, Soybeans and Wheat. Yield Protection (YP) is coverage that guarantees production and quality per section of ground. It also pays replant costs if replanting is necessary. The various crops covered will depend on the county and state they are located in. The following crops are available in most counties within each state, however you need to check with an agent who covers that state.
CAT is the lowest yield production insurance available. It gives 50% coverage and the cost is $300 per crop per county. A catastrophic loss is necessary to collect. If you are a landlord or have a low number of acres, there are other policies that are more cost effective. Named Peril Insurance allows you to custom design your own policy with only the perils and time frame that you want. This coverage is good for vegetable crops with limited perils. AGR is a Revenue Guarantee policy that covers crops that have no other type of insurance available, such as blueberries. AGR guarantees a percentage of your 5-year average gross income. GRP is available only on corn, soybeans and wheat. This policy pays only when the yield of the entire county drops below the expected county yield. It requires very little paperwork and is tailored more for the grower whose yields move closely with or exceed the county averages. This policy could still trigger payment regardless of what your own crop yields. GRIP is available only on corn, soybeans and wheat. This policy pays only when the NASS-calculated county revenue falls below the county trigger revenue. It requires very little paperwork and is tailored to fit the grower whose yields exceed the county average. In most situations, when an entire county's crop revenues are low, most farmers in that county will also have reduced revenues. Hail Insurance is coverage based on a dollar level per acre basis at very competative rates. Our staff is experienced to discuss your operation's needs and suggest the coverage that will best fit your operation and your risk ability for your available budget. | |
We also offer a scholarship program available to graduating High School seniors and College students who are studying in the field of agriculture. The deadline for the scholarship applications is April 30. If you are interested in an application, please contact our main office at 1-800-888-2767.
You can call Spartan Insurance Agency toll free at 1-800-888-2767 or fill out the information on our feedback page here on our web site. If you are interested in a quote, please give us the crop(s) you will have, number of acres, location of the crops (county and state) and a phone number where you may be reached.
Spartan Insurance Agency
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