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Currently, premiums for various crops range from $2 to $15 per acre. Farmers can insure for payments for 50,65, or 75 percent of their average yield. Insurees can choose one of three prices per bushel for each crop for insurance claims.
The new crop insurance policies calculate coverage based on individual farm yields, rather than average county yields. To qualify farmers are required to supply detailed records of their yields. Farmers without three years of records will be assigned county averages.
Moore noted that the new policy is an impovement for both growers and insurers and should save growers money.
E. Eugene Gantz, chief executive of the American Association of| Crop Insurers reported that last spring 25-30 percent of corn and sorghum farmers used their own actual production history to prove their yields. For the most part, he said, this resulted in increased coverage at a reduced premium. He also added that accurate records prove beneficial in supporting loan needs.
Moore said that farmers who benefit most from insurance are those who can least afford it, but insurance is an important investment.
County Agricultural Stabilization and Conservation Service offices will compute base yields when farmers supply their records. Ten years of back records are needed to calculate this average. However, with a miniumum of three years, an indexed yield can be calculated by adjusting the farmer’s unrecorded years using county averages from that period.
A wide range of documents will be accepted in 1986 to verify yields. These will include such statements as bin measurements, scale tickets and warehouse or elevator sales summaries.
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