Protect your farm finances with crop insurance (Credit Corner)

(Editor’s note: Kelly Bailey is a crop insurance agent with MidAtlantic Farm Credit.)

With the recent wet weather we’ve had in the Mid-Atlantic, many farmers are being forced to replant and utilize their crop insurance coverage.
For those who have had to live through these conditions, their crop insurance policy has provided a safety net under cash income, protecting them as a source of risk management.
When production is low or damaging weather such as floods, drought, hail, or wind storms come along, it can be devastating to crops.
Crop insurance protects farmers so they can financially meet both their personal and business obligations, helping to ensure survival of their farming business.
Crop-Hail policies are a valuable addition to your toolbox.
There is no requirement to insure the entire crop; we can tailor a policy specifically for your operation.
Insurable crops include, but are not limited to, tobacco, corn, soybeans, wheat, oats, barley, canola, apples, peaches, grapes, blueberries, cantaloupes, watermelons, strawberries, tomatoes, peppers, cucumbers and sweet corn.
Hail and fire are covered under a Crop-Hail policy before harvest and while the crop is still in the harvester (except with tobacco).
Multi-peril policies only cover fire due to natural causes, such as lightning.
A Crop-Hail policy also covers fire from other causes such as equipment fires and tossed cigarettes, which unfortunately can happen easily to wheat.
The Crop-Hail policy includes a fire department service charge coverage of up to $500 and transit coverage (not to exceed 50 miles, extended to cover loss by fire and lightning, windstorm, collision, overturn, collapse of bridges, docks, and culverts).
Policies can be written any time and cover your crop from emergence through transit to the first place of storage, with no sales deadlines to prevent you from getting coverage.
Tobacco policies may also cover wind and hail damage.
Be sure to keep in mind that if you’re planning to replant, you must notify us beforehand.
Once you have replanted a field, it’s too late to file a claim.
Your insurance company must provide you with written consent prior to releasing acreage for replant, and this includes crops that do not provide replant payments.
With access to multiple insurance providers, crop insurance agents are able to compare several coverage levels to help you pick the one that best suits you and your farm operation.
As with any insurance, the cost is relevant to the size of the underlying risk.
Upcoming summer storms are on the horizon, so get ahead of them!
Give our team of expert crop insurance agents a call today to discuss a Crop-Hail policy. We’ll help you prepare for the unexpected.
Our friendly, knowledgeable and helpful staff have more than 25 years of policy writing experience.
They are more than simply your agent — they are a resource for you and a consultant on your team.
Reach out to a local Farm Credit office today by calling 888-339-3334 or visit farmcreditcropinsurance.com.