At First Tribune Insurance, we are here to help provide you with crop insurance.
The Crop Hail policy through our agency helps provide protection against loss to the crop from hail. This policy supplements the coverage provided by an MPCI policy. Crop Hail provides coverage on an acre by acre basis.
We offer the following coverages for your crop insurance needs in Kansas and Eastern Colorado.
Revenue Protection (RP) - Revenue Protection policies insure producers against yield losses due to natural causes such as drought, excessive moisture, hail, wind, frost, insects, and disease, and revenue losses caused by a change in the harvest price from the projected price. The producer selects the amount of average yield he or she wishes to insure; from 50-75 percent (in some areas to 85 percent). The projected price and the harvest price are 100 percent of the amounts determined in accordance with the Commodity Exchange Price Provisions and are based on daily settlement prices for certain futures contracts. The amount of insurance protection is based on the greater of the projected price or the harvest price. If the harvested plus any appraised production multiplied by the harvest price is less than the amount of insurance protection, the producer is paid an indemnity based on the difference.
Revenue Protection With Harvest Price Exclusion (RPHPE) - Revenue Protection With Harvest Price Exclusion policies insure producers in the same manner as Revenue Protection polices, except the amount of insurance protection is based on the projected price only (the amount of insurance protection is not increased if the harvest price is greater than the projected price). If the harvested plus any appraised production multiplied by harvest price is less than the amount of insurance protection, the producer is paid an indemnity based on the difference.
Actual Production History(APH) - This is the traditional plan that most producers have. A producer reports his past yeilds 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 (CAT) - Catastrophic coverage is the lowest level of APH. CAT insures 50% of production at 55% of the base price for a fee of $655 per crop. CAT has no optional units and does not pay for replants. CAT coverage provides very little coverage..... usually discovered at loss time.
Hail Insurance - 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 owners policy. Crop Hail insurance gives you acre-by-acre protection that can be as much as the actual cash value of your crop, thereby protecting your investment and your future.
Yield Protection (YP) - Yield Protection policies insure producers in the same manner as APH polices, except a projected price is used to determine insurance coverage. The projected price is determined in accordance with the Commodity Exchange Price Provisions and is based on daily settlement prices for certain futures contracts. The producer selects the percent of the projected price he or she wants to insure, between 55 and 100 percent.