Crop Hail Insurance Products
Crop-Hail coverage provides protection against physical damage from hail and/or fire. Other coverages provided include fire department service charges, transit coverage to the first place of storage, catastrophe loss award (most coverages) and replanting coverage (most crops). Options exist in some areas for other perils, such as wind and theft.
Crop-Hail can be used along with MPCI or other comprehensive coverages to offset the MPCI deductible and provide protection up to the actual cash value of the crop. Coverage is provided on an acre-by-acre basis, so damage that occurs on only part of a farm may be eligible for payment when the rest of the unit remains unaffected.
If a grower has coverage and bumper crop yields or higher prices become apparent, coverage can be increased during the growing season to cover the value of the crop.
Dollar Guarantee:
A dollar amount of coverage per acre is selected by the grower. Options with different deductibles may be selected to permit a grower to partially self-insure for reduced premium costs.
Loss Payment:
To calculate a payable loss, multiply the amount of coverage per acre applying on the date of loss by the damaged acreage and the percentage of loss, less any deductibles.
How it Works:
Coverage Details Loss Payment
$250 of coverage per acre Dollar Guarantee (20 A. x $250/A.) = $5,000
No-deductible policy Percentage of Loss. 40%
20 acres of damaged corn Loss Payment . ($5,000 x 40%) = $2,000
Hail caused 40% damage
100% ownership
Benefits:
- Protects profits
- Fosters greater grower confidence to do pre-harvest crop sales
- Protects crops up to the full value
- Acre-by-acre coverage provides protection from isolated damage
- May be used as loan collateral
- Rewards the more businesslike grower
- Discover how our North Dakota crop insurance can provide worry-free protection for the tough times
Availability:
Crop-Hail coverage is available in all states in the United States. Coverages and options vary by geographical area and crop.