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Farm Credit Offers New Crop Insurance Product

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The deadline to finalize crop insurance coverage is fast approaching.  One new option for Indiana growers this year is being offered by Farm Credit Services. Sara Davis told HAT they are offering a new product called  Enterprise Plus. Davis said this program is especially beneficial for producers who farm many different farms in different areas,” Enterprise Plus gives you extra coverage to protect your farms all together and individually. By adding Enterprise Plus to your existing Enterprise Unit Crop Insurance policy, you gain additional protection for each individual unit.”  She added the protection means increased potential for claim payments based on individual yields, regardless of how your overall operation performs.

 

How it Works
Enterprise Plus is a supplemental policy to an Enterprise Unit policy. Enterprise Unit policies combine all farmed acres of a single crop within a county into one unit. The Enterprise Plus supplemental policy works like an Optional Unit policy, which allows for different guarantees for each individual unit.

Enterprise Plus can be added to either Revenue Protection (RP) policies or to Revenue Protection with the Harvest Price Exclusion (RP-HPE) policies that qualify for Enterprise Unit coverage. It can be added to both corn and soybean policies.

Enterprise Plus can be elected at either 10% or 5% below your Enterprise Unit coverage election.

 

Why Enterprise Plus
Many producers elect Enterprise Unit Coverage to gain higher guarantees for a lower price. However, it is not uncommon to have a field or two that consistently produce yields lower than the operation’s average. With Enterprise Plus, each unit is insured individually. It provides the best of both Enterprise Unit Coverage and Optional Unit Coverage, yet with an affordable price. By adding Enterprise Plus to your Enterprise Unit Policy, you can insure each unit individually and still maintain Enterprise Unit Coverage levels.