Satellite Yield Insurance program cancellation Q&As
Q: Why is AFSC discontinuing Satellite Yield Insurance?
Technical issues with the acquisition of satellite data for 2023 and beyond have developed making the continuation of the program impossible.
Q: How long has there been an issue with the data? Was faulty data used for 2022?
There are no concerns with data for any previous year. The technical issues occurred after the 2022 growing season.
Q: What options will clients who previously insured under Satellite Yield Insurance have for insurance?
Clients who previously insured their pasture with Satellite Yield Insurance will be able to transition to Moisture Deficiency Insurance (MDI). Starting later this month, AFSC team members will be contacting effected clients to discuss the cancellation of the program and their insurance options.
Q: What will happen to my dollar coverage should I insure under MDI?
The pasture programs use the same risk area yield and price options, so the dollar coverage will be the same.
Q: Will my premium go up?
The premium rate for MDI is based on the historic losses that happened at the selected weather station(s). The premium will depend on the weather station and the weather coverage option that is selected. In 2022, on average MDI premiums for the clients in the Satellite Yield Insurance coverage area was $780 less than SAT premiums.
Q: Will I lose my continuous participation discount?
No, clients will not lose their continuous participation discount. It is transferable between the two pasture insurance programs if there are no gaps in insuring years.
Q: Are you cancelling Satellite Yield Insurance because it paid out more often than Moisture Deficiency Insurance?
No, AFSC has offered the satellite program for a number of years and the performance of the program has been comparable with MDI.