Fall 2023 Updates:
Billing: The premium billing for corn and soybeans policies will be in your mailbox around September 15th. Premiums are normally due on 9/30/2023 but due to drought affecting some areas of the country, interest is deferred until November 30th. Payments must be postmarked by 11/30 or physically in our office before 11/30 for your payment to be received timely. Most providers now offer the ability to pay your premium online once you have set up an online profile or some carriers will accept payment over the phone. All policies with payments outstanding after the due date will have interest accrue on their unpaid premium.
Wheat: The coverage price for wheat is set at $6.73. If you plan to sow wheat this fall now is the time to add wheat coverage or make changes to your policy up until the sales closing date of 9/30/2023. The final planting date for wheat in northern Indiana is 10/20/2023 with a the late planting period ending 10/25/2023. Southern Indiana has a final planting date of 10/31/2023 with the late planting period ending 11/5/2023.
Crop Revenue policies: All eyes are on the crop market. If you have a revenue multi-peril policy, the average price of December futures during the month of October is calculated to establish the fall price for corn and soybeans on November 1. The fall price compares to the spring coverage price to compute any revenue claims for either corn or soybeans.
Pasture, Range, Forage land: The Pasture, Rangeland, Forage (PRF) Insurance Program provides precipitation coverage for your pasture, rangeland, or forage acres. The concept of this policy is to provide supplemental coverage for low forage or pasture production in a dry year. Rainfall is measured on a 17 x 17 mile grid in 60 day intervals to calculate below average rainfall. Coverage levels are available up to 90% with some policies showing over a 200% rate of return. You can insure a portion or all of your acres. PRF is an affordable option for livestock producers that is simple with no record keeping or long claims process. Feel free to contact us for a quote. Deadline for this coverage is December 1st.
Harvest Claim Reminders
- Crop Damage: If you are concerned about a possible hail/wind claim or grain quality issue, please contact our office immediately. Yield & quality losses due to moldy or down corn can trigger indemnities if losses are large enough. These type losses require an immediate inspection. We will work with our adjuster and tell you how to proceed. It is better to be proactive and work with an adjuster early in the process. Once the crop is completely harvested, we do not have the ability to come back and assess the damage.
- Carryover Grain & Feeders: If you are storing prior year crops-- do not co-mingle old and new-crop bushels on-farm without having a crop insurance adjuster measure those bins before harvest.
- If you harvest your crops as silage, it is important to contact us so we can request an inspection for a silage appraisal. Also, keep track of any fed production. Farmers feeding new-crop bushels to livestock should have a written ledger to account for those bushels. Regardless of your unit structure (EU or OU), use acceptable load records to keep all unit production separate.
- End of Insurance: Your crop insurance coverage ends once you harvest your crop. This also starts the time clock to turn in loss claims. You have 15 days from the end of the insurance period to turn in a production loss. Revenue losses can be submitted up until December 15th.
- Mark bins: If you are putting grain in a bin, please mark the bin if more than one unit is added to the same bin so the adjuster knows where one unit’s production stops and the next unit begins.
- Watch your tickets: Be mindful of your settlement sheets – they are used to calculate a loss. Grain should be sold in the same name as your insurance policy.
- Timely Production: Please bring us your production as soon as you are done harvesting so we can determine which units are in a loss and get the loss worked and paid timely.
Email: Please send your email address to apinkerton@bathinsurancegroup.com so you can be included in our email blasts we send to keep you updated on important policy information.
We greatly appreciate your business and hope you have a safe and bountiful harvest!
_________________________________________________________________________
Ag Seminar Set For Dec. 8th
We will sponsor a 2024 Ag Outlook seminar on Friday, Dec. 8th in Hagerstown. Rich Morrison (vice president of Farm Services/NAU Country) will offer insightful analysis on commodity market fluctuations and price trends, and how this affects you. Meal and seminar are free, but registration is required. Program begins at 11 a.m. and ends at 1 p.m.
Please phone Molly at 765-732-3022 for registration and complete details.
_________________________________________________________________________
Precision Ag
We have the capability to use precision farming data for your crop insurance records. Please contact our office if you are interested in this ability.
_________________________________________________________________________
Smart Phone Apps
We live in a world where you want information at the tip of your fingers immediately. We now have smart phone applications for many of our insurers that provide you with the most current information regarding your crop insurance policy. Contact our office for more information.
Please don’t hesitate to contact our office at 800-209-7238 with any questions about your policy.
_________________________________________________________________________
How Your Revenue Policy Works
As market prices decline, there is a growing need to understand how your crop insurance revenue policy works.
Revenue policies guarantee a certain level of revenue rather than just production. It protects from a decline in crop prices or yield. Your crop coverage guarantee is based on the futures market and your yield history. Both are used to compute your revenue coverage and guarantee. The monthly average of the crop futures price for the month of February determines the spring crop price. A harvest price is determined in November using the new crop futures price during the month of October. The final revenue guarantee is computed by multiplying the higher of (projected price or harvest price x yield x your coverage level.) If your actual revenue falls below the revenue guarantee, you’ll receive a crop insurance indemnity equal to the difference.
Please keep good production records. Given current price levels, it’s important to submit your production information to us as soon as you are done harvesting so we can determine if you qualify for an indemnity payment.
_________________________________________________________________________
Livestock Mortality Insurance is available at Bath Insurance Group!
BIG is a livestock mortality insurance agency offering additional coverage for all aspects of livestock whether production or the show ring. It's no secret that livestock farming is a risky business. That is why a solid and affordable livestock policy is essential to protect your investment from those unexpected events and accidents that can devastate your animals and your livelihood.
Livestock insurance is individualized to fit your farming operation and cover your specialized livestock, whether you have cattle, pigs, sheep, goats, horses or any combination on your farm.
Insure your animals. For more information on rates and policies, contact us today.
_________________________________________________________________________