Crop Insurance Reporting- Action Items! 

As harvest wraps up want to make sure we get insurance production reporting done in a timely manner.  There are a lot of hail/wind claims outstanding as well potential multi-peril (MP) claims on dryland with drought conditions in several areas.  Therefore, we want to get production all completed prior to Dec 1 so we still can turn in an MP claim if necessary.  We sent out production reports in Aug/Sep with cover letter so should have that already, but if not just give me a call.  I would be happy to help you complete production reports if you need any assistance. 

We sent out production reporting guidelines prior to harvest, but as a reminder there are 4 ways to report production.  In the event of a claim or audit, need to have a record of one of these 4 ways to show how you completed the production report.  Whatever method you choose make sure you keep good notes and keep that on file for at least next 3 years in case of an audit.  If you would like to email or send us a copy we can keep it in your file here as well.  The 4 approved methods:

1. Scale tickets from end destination with settlement sheets
2. Calibrated downloadable grain cart scale
3. Bin measurement from adjuster
4. Precision farming – In order to qualify for this need to have precision planting.  Acreage report acres come from precision planting not from FSA 578s in this situation.  Very few insureds do it this way, therefore don’t qualify for full precision reporting.  In this case you can still use combine yield as a “soft record” meaning it can be used to report production if there is no claim and then can amend the production report if needed after delivery if outside 3% tolerance.  In the event of a claim, combine records can be used to help show the difference between practice (irr vs nirr), but 1 of the 3 other reporting methods will need to be used at the “hard record”.

Also, if you replanted this year, and we elected 1^st crop insured/2^nd crop uninsured, please be sure you are keeping separate production records. Example: You planted 100 acres in May and ended up having to replant 80 acres. We will need separate production for the 80 acres (replanted) and 20 acres(original crop planted in the spring). On the 80 acres, we will use the appraised value from the adjuster from when you left strips & destroyed. There will be a second crop line (the replant in late June) for the 80 acres to show the production you harvested off of that. If we have it documented, it does help all of us to see what was produced. If you are unsure on if your records will be sufficient enough, please reach out to us or your adjuster.

After we get the production reporting done, if you had a claim we will build your claim summary analysis.  This report will show how your claim paid out in each unit and what that means in terms of net yield and gross revenue across those acres and your entire farm.  This analysis will be able to show how different insurance product structures would have paid out in your specific situation to make sure you feel confident about the coverage level and product strategy.  We will then put that claim in your GrainBridge plan so your risk management report stays accurate as well. 

Please give me a shout if I can be of any assistance in this process.  We appreciate your business!