Silage Greenfeed Insurance
Silage Greenfeed Insurance is an alternative for silage and greenfeed crops and does not require pre-harvest or post-harvest inspections.
Field inspections are required to assess damage caused by hail, to release acres for reseeding and for acres left unseeded. Indemnities are calculated based on an off-farm event and may not reflect conditions on your farm.
Silage greenfeed insurance offers two coverage options for crops grown for silage and greenfeed, barley proxy or lack of moisture. Compensation for barley proxy losses is based on the claim rate of feedgrains clients insured under Production Insurance in the immediate geographic area. The lack of moisture option compensates clients when accumulated moisture at a selected weather station(s) falls below 80 per cent of the historical moisture at that weather station.
Coverage, regardless of the option chosen, is equal to the 80 per cent coverage level offered for barley under the Production Insurance program at the spring insurance price. The township barley dollar coverage applies to all the silage and greenfeed crops except corn, which has an additional $50 per acre coverage.
Clients who intend to harvest some of the acres as grain and harvest a portion as silage or greenfeed can insure under both Production Insurance and the Silage Greenfeed Insurance program.
Additional Insurance Available
Hail Endorsement offers spot-loss payments for damage due to hail, accidental fire and fire caused by lightning. When this option is purchased and the insured crop suffers 10 per cent or more damage, the client is eligible for a payment, based on the percentage of loss on the damaged acres.
Auto-elect Straight Hail offers an option to purchase Straight Hail Insurance at the same time coverage is elected for Silage Greenfeed on or before April 30, and in advance of seeding crops.
For both options, the Variable Price Benefit is automatically included and compensates clients in a loss situation when the fall market price of barley increases 10 per cent or more from the spring insurance price to the fall market price. The benefit is limited to a maximum increase of 50 per cent above the spring insurance price set for barley under Production Insurance. Barley is used as a proxy for Silage Greenfeed crops because, historically, the price of silage tends to move with barley.
The Spring Price Endorsement offers protection for with-in year price declines of more than 10 per cent between the spring insurance price and the fall market price. The endorsement is limited to a 50 per cent change. Once triggered, it will pay back up to 90 percent of the spring insurance price on production produced, or deemed to be produced, up to the coverage elected.
A 10 per cent claim deductible is being introduced which will reduce the premium rate charged to clients by 20 to 30 per cent depending on the crop selected.