Why Crop Hail Insurance?
This policy provides insurance for loss or damage to growing crops caused by hail or other perils. This policy is a concept of combining hail coverage and MPCI coverage.
Benefits
Fire and Lightning Damage
Coverage for damage before and during harvest and while your crop is in the harvester. This also includes crops in small grain stubble.
Coverage for damage before and during harvest and while your crop is in the harvester. This also includes crops in small grain stubble.
Vandalism and Malicious Mischief
Coverage for damage before and during harvest and while your crop is in the harvester.
Coverage for damage before and during harvest and while your crop is in the harvester.
Fire Department Service Charge
Payment up to $500 when the fire department is called to save or protect your insured crop.
Payment up to $500 when the fire department is called to save or protect your insured crop.
Unlimited Transit
Unlimited mileage coverage for damage to your crop from transit accidents.
Unlimited mileage coverage for damage to your crop from transit accidents.
County Blanket
We insure all acres of your crop in a county.
We insure all acres of your crop in a county.
Coverage for Substitute Crops
Prior to receipt of the insured’s coverage amendments for the subsequent crop year, we will automatically insure his/her MPCI insurable crop not grown the previous crop year.
Prior to receipt of the insured’s coverage amendments for the subsequent crop year, we will automatically insure his/her MPCI insurable crop not grown the previous crop year.
Replant payment alternative
If an insured hail event occurs, requiring the grower to replant the crop, the grower has the option of choosing between indemnification for:
1. The actual cost to replant, up to 20% of the limit of insurance – and no reduction of limit for the subsequently replanted crop.
2. Replanting at their own expense, and collecting indemnity based on actual lost crop.
If an insured hail event occurs, requiring the grower to replant the crop, the grower has the option of choosing between indemnification for:
1. The actual cost to replant, up to 20% of the limit of insurance – and no reduction of limit for the subsequently replanted crop.
2. Replanting at their own expense, and collecting indemnity based on actual lost crop.
Premium Waiver for Accidental Death*
For loss of life by accidental means while carrying out your farming operation.
Stored Crop Coverage
Covers injury, deterioration or diminution of harvested grain while in storage and caused by events such as fire, hail, windstorm or flooding.
Covers injury, deterioration or diminution of harvested grain while in storage and caused by events such as fire, hail, windstorm or flooding.
Crop Hail Insurance Example
Situation: Loss of production due to hail
Hail plan: DXS5 (5% deductible plan, disappearing at 25%)
Acres: 100
Insurance per acre: $350
Limit of insurance: $35,000
Gross loss percentage: 20%
Net loss percentage: 18.75%
Hail plan: DXS5 (5% deductible plan, disappearing at 25%)
Acres: 100
Insurance per acre: $350
Limit of insurance: $35,000
Gross loss percentage: 20%
Net loss percentage: 18.75%
Gross % Net %
10% = 6.25%
20% = 18.75%
25% = 25%
72% = 73%
10% = 6.25%
20% = 18.75%
25% = 25%
72% = 73%
Indemnity Payment:
Limit of insurance ($35,000) x Net loss percentage (18.75%) = $6,563
Limit of insurance ($35,000) x Net loss percentage (18.75%) = $6,563
*Not Available in Kansas.
Note: Policy provisions supersede information noted.
SERVICES
Crop Hail Insurance from Harvest Risk Management
Copyright 2009 Harvest Risk Management: Crop Insurance Services. All Rights Reserved.
