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RMA Crop Production and Revenue Insurance Products

RMA Crop Production and Revenue Insurance Products. Lesson Overview In this lesson, we will learn about: Wyoming acres of annually-planted crops, and acres insured Multiple Peril Crop Insurance Catastrophic Risk Protection (CAT) Crop Revenue Insurance (CRC) Group Risk Plan (GRP)

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RMA Crop Production and Revenue Insurance Products

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  1. RMA Crop Production and Revenue Insurance Products Lesson Overview • In this lesson, we will learn about: • Wyoming acres of annually-planted crops, and acres insured • Multiple Peril Crop Insurance • Catastrophic Risk Protection (CAT) • Crop Revenue Insurance (CRC) • Group Risk Plan (GRP) • Group Risk Income Protection (GRIP) • Forage Insurance • Seed and Specialty Crop Insurance • Alfalfa Seed Protection Insurance • Nursery Crop Insurance • Adjusted Gross Revenue-Lite (AGR-Lite)

  2. Crops Covered Under MPCI: Barley Corn (for grain) Corn (for silage) Dry beans Proso millet Oats Potatoes Sugarbeets Sunflowers Wheat Malting barley RMA Crop Production and Revenue Insurance Products

  3. RMA Crop Production and Revenue Insurance Products Dry Beans Insured Counties for Dry Beans, MPCI Coverage All Dry Edible Beans Production * An estimated 84% of Wyoming’s dry bean acres are in counties indicated

  4. RMA Crop Production and Revenue Insurance Products Dry beans- Insurance • Insurable Crop • All dry beans produced in a county that are intended to be harvested as beans must be insured. • Insurable Units • Dry beans may be insured at the optional or basic units and at the optional unit level by type • Coverage Election • 50, 55, 60, 65, 70 or 75% of APH • Price Election • 55% to 100% of maximum price election • Replant Option • Payment occurs if remaining stand cannot produce 90% of yield guarantee • Payment becomes the lesser of: 120 pounds per acre or 10% of yield guarantee

  5. RMA Crop Production and Revenue Insurance Products MPCI Dry Bean Example Great Northern Variety

  6. RMA Crop Production and Revenue Insurance Products Dry Beans- Exercise • If the Rogers’ dry bean harvest is 1,200 pounds per acre, will they receive an indemnity? (Yes/No)

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