Crop Insurance Basics
According to the USDA, the definition of Crop Insurance is:
Management of yield or price risk through the purchase of crop insurance transfers risk from you to others for a price which is stated as an insurance premium. Crop insurance is an example of a risk management tool that not only protects against losses but also offers the opportunity for more consistent gains. When used with a sound marketing program, crop insurance can stabilize revenues and potentially increase average annual profits.
Crop Insurance is an essential element for lowering production risk as part of your agricultural risk management strategy. When it comes to selecting crop insurance, there are a vast number of programs offering various protection and coverage levels, are not applicable to all product, and vary from state-to-state.
Crop Insurance Changes for 2011: Common Crop Insurance Policy
For 2011 a number of the crop insurance policies you are used to, have new names but have otherwise remained the same. This conversion combined the principle features in the five most common forms of crop insurance, now known as the “Common Crop Insurance Policy” (COMBO).
AgriVisor Provides Complete Ag Risk Management Planning and Assistance
When you work with an AgriVisor Ag Specialist, you work with a professional who will provide a custom review of your business, and discuss crop insurance including both public and private options. AgriVisor partners with leading crop insurance firms to provide you with the best solution for your specific needs.
As a farm owner you want to concentrate on the business of production, while not losing sight of the other important aspects of your business—such as Risk Management.
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Speak with an AgriVisor specialist today for a free consultation. Or learn more about our comprehensive MaxVisor Solution including Crop Insurance.