Insurance
Policy Types
Actual Production History (APH)
Provides production-based coverage for crops without publicly traded prices. Losses occur when actual yields fall below the production guarantee due to a naturally occurring event.
Yield Protection (YP)
Provides production-based coverage for crops that also have revenue coverage available. Losses occur when actual yields fall below the production guarantee due to a naturally occurring event.
Revenue Protection (RP)
Provides production-based coverage and revenue protection for eligible crops. Production losses occur when actual yields fall below the production guarantee due to a naturally occurring event. Revenue losses are caused by a change in the Harvest Price from the Projected Price in accordance with the Commodity Exchange Price Provisions (CEPP).
Whole Farm Risk Protection (WFRP)
All commodities on the farm can be insured under one insurance policy that provides protection against revenue losses that the producer expects to earn or obtain. Additional documentation must be provided with the application, including the 5 most recent years of tax records.
Supplemental Coverage Option (SCO)
Provides additional area-based coverage for select crops above your underlying MPCI policy’s coverage level up to 86%. Losses are paid on an area basis; an indemnity is triggered when there is a yield or revenue loss in the county and claims are not settled until the spring of the following year. SCO is not available for farms that are enrolled in the ARC Farm Program at FSA.
Enhanced Coverage Option (ECO)
Provides additional area-based coverage for select crops above your underlying MPCI policy from 86% up to 90% or 95%. Losses are paid on an area basis; an indemnity is triggered when there is a yield or revenue loss in the county and claims are not settled until the spring of the following year. ECO may be purchased in addition to SCO and is not impacted by Farm Program decisions.
Claims/Recordkeeping
Producers must keep production and acreage evidence for 3 years plus the current year. Producers must request an appraisal prior to commingling new grain with old grain, feeding production, and putting a field to another use (replanting, haying, grazing, chopping, etc.).
Hard copy records are used to prove the final disposition of the crop and include settlement sheets, assembly sheets, processing records, appraisals, bin measurements, claim documents, or RMA approved precision farming records. Soft copy records are used to separate the production by unit (section) and include combine monitor records, load records, weight slips, and precision farming records not approved by RMA. It is encouraged to keep soft copy records for any unit structure, but they are required for an optional unit structure.
