Table of Contents:
- 2010 Crop Insurance Considerations
- <strong>Enterprise Units or Optional Units</strong>
- <strong>Insurance Coverage for Grain-Quality Problems</strong>
- <strong>Calculating Potential Crop Insurance Payments</strong>
- Some producers chose optional units, while others chose enterprise units for 2010
- Corn and soybean producers have the option of selecting crop insurance policies ranging from 60% to 85% coverage levels
- Grain-quality losses could potentially be a covered loss for crop insurance policies
Producers who have crop losses in 2010 with potential crop insurance indemnity payments should properly document yield losses for either optional units or enterprise units. Producers who had corn or soybeans that were in standing water for an extended period of time – causing grain-quality problems – or potential rejections when the grain is sold should contact their crop insurance agent to report a potential crop loss.
A reputable crop insurance agent is the best source of information to make estimates for potential 2010 crop insurance indemnity payments, and to find out about documentation requirements for crop insurance losses. It is important for producers who are facing crop losses in 2010 to understand their crop insurance coverage, and the calculations used to determine crop insurance indemnity payments. The University of Illinois Farm Management website has some good crop insurance information and an online “What-If” crop insurance payment calculator.
Editor’s note: Kent Thiesse is a former University of Minnesota Extension educator and now is Vice President of MinnStar Bank, Lake Crystal, MN. You can contact him at 507-726-2137 or via e-mail at email@example.com.