Fall harvest is a rewarding time for farmers. The work spent planting in the spring and spraying or applying in the summer now pays off. Those growing small grains have largely completed harvest and soon combines will begin rolling for corn, soybeans, and other late-season crops. With harvest comes important crop insurance reminders.
Here are items to keep in mind this fall regarding your multi-peril crop insurance (MPCI) policy:
• All leftover bushels stored in bins from a prior year must be measured by an adjuster before the new crop can be added to the same bin.
• An adjuster will need to appraise any acres that you will not be harvesting for grain before they can be cut e.g. corn insured as grain that will now be chopped for silage.
• If you had a hail or wind claim that was deferred, those acres need to be inspected by the hail adjuster prior to being harvested.
• Contact your insurance specialist immediately about any quality concerns with your crops so an adjuster can be notified to walk you through your options and get a grain sample.
• MPCI insurance premiums are due September 30. Premiums unpaid will start accruing interest charges on October 1. Contact your insurance specialist for information on how to pay your bill electronically.
• If you suspect you have a loss at harvest time a claim must be filed within 15 days of completion of harvest or the end of the insurance period for that crop. Contact your insurance specialist to find out when the end of the insurance period is for your crop.
• If the harvest loss is due to revenue, those claims must be filed within 45 days after the announcement of the harvest price.
Harvest Prices
The harvest price for corn and soybeans is determined in October and officially set on November 1. If the markets continue their current track, we will likely see a projected harvest price lower than the spring projected price. This will affect farmers who purchased a revenue policy. A trigger yield increase would occur if the fall projected price comes in lower than the spring projected price.
Here’s an example of how this scenario could play out. Let’s say a farmer has 75% MPCI coverage for corn. The spring projected price was set at $4.66, and we are using a fall projected price of $3.80. With the spring projected price and 75% coverage, the guarantee is 131.3 bushels an acre. If the fall projected price was set at $3.80, the bushel guarantee increases to 161 bushels an acre, which is a trigger factor of 1.23.
It is important to be in contact with your insurance specialist during harvest. They will be able to tell you what your policy guarantee is and whether you have a loss.
Harvest season is a busy and exciting time on the farm. Contact your local AgCountry office to connect with an insurance specialist if you have any questions or concerns about your harvested crop.
We wish you a safe and successful fall harvest.
