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Crop & Livestock Insurance in Vermont

Prevented Planting & Replanting Insurance Guidelines

Posted: May 24th, 2012 by Pam Smith

The combination of a wet spring and widespread damage last August from Tropical Storm Irene caused many producers to reexamine their farm risk management plans for this year. As we look back on how crop insurance benefited those growers who opted for insurance protection, it is important to note that 41% of the insured farms in Vermont received a payment for 2011 losses. These loss payments totaled nearly $6.4 million, which was eight times more than the farmer paid premiums for the same period, and may very well be a major contributing factor to their ability to continue to operate this season.

While producers had to make their crop insurance policy choices in March, ongoing responsibilities remain as we head into the growing season. First, is to be familiar with the prevented planting and replanting provisions of corn and soybean policies as we head toward the final planting date of June 10. Excess moisture which might reduce the quality of small grains may be another possible insurable cause of loss which should be noted.

Second, the policies require that you file a notice of damage to your crop insurance agent within 72 hours of discovery. Many fruit growers have already taken this action because of late frost damage. Prompt notice of damage allows an adjuster must be able to evaluate the damage in order to receive the full benefits of each policy(s). Additionally, if you participate in Farm Service Agency (FSA) programs, it is important to report your prevented planting acreage within 15 calendar days after the final planting date of June 10 in order to receive prevented planting acreage credit.

If you have questions on deadlines for your area or on other issues, contact your crop insurance agent promptly.

Whole Farm Revenue Protection with AGR-Lite

Posted: May 24th, 2012 by Pam Smith

The combination of a wet spring and widespread damage last August from Tropical Storm Irene caused many producers to reexamine their farm risk management plans for this year. As we look back on how crop insurance benefited those growers who opted for insurance protection, it is important to note that 41% of the insured farms in Vermont received a payment for 2011 losses. These loss payments totaled nearly $6.4 million, which was eight times more than the farmer paid premiums for the same period and may very well be a major contributing factor to their ability to continue to operate this season.

While preventing damage from floods and other natural disasters may not be possible, one way that producers can protect their investment in crops is through the revenue based crop insurance policy, AGR-Lite. It is a streamlined whole-farm revenue protection package that can be used as a stand-alone coverage or in addition to other individual crop insurance policies. Available statewide for anyone who is actively farming, the plan is easy to understand because it follows the marketplace. Most farm raised crops, animals, and animal products are eligible for protection. The program is based on the 5-year average of selected revenue reported on IRS Schedule F 1040 or equivalent tax forms.

AGR-Lite provides protection against low revenue due to unavoidable causes, such as flood, drought, insects, disease, wildlife damage and market price fluctuations. Covered gross farm revenue produced for sale includes income from almost all crops and agricultural commodities including animals and animal products such as milk, aquaculture products grown in a controlled environment, and greenhouse production. The value of any crop production fed to animals is counted as animal income. Excluded are revenues from post packaging, sorting, processing, added value including controlled atmosphere storage, and income from timber, forests, forest products, pets, sport and hobbies.

March 15 was the final date to purchase protection for this growing season; however, it is never too early to plan ahead for next year. Start by visiting with a private crop insurance agent.
A list of agents is available at your local USDA Farm Service Agency office or you may log on to the RMA web site at: www.rma.usda.gov/tools/agents

May 17 Dairy Conference Call

Posted: May 24th, 2012 by Pam Smith

Dairy Conference Call
10:00 a.m. Thursday, May 17, 2012

• Short and long term milk price projections
• Projected feed and other input costs for 2012
• Farm Bill and dairy policy updates
• Upcoming key crop insurance dates

Join Agri-Mark’s, Bob Wellington, and UVM’s Ag Economist, Bob Parsons, for an interactive conference call to discuss milk prices, their impact on the Northeast dairy industry and other timely dairy topics. This call is open to everyone and is made possible by the University of Vermont Extension in partnership with the USDA Risk Management Agency.

To participate, call toll free: 1-866-423-8755, enter guest code 283112, on Thursday, May 17, at 10:00 a. m.

POSSIBLE WIDESPRED FROST DAMAGE TO ORCHARDS

Posted: May 24th, 2012 by Pam Smith

Temperatures dropped to the high teens throughout Vermont last night, according to the National Weather Service Office. Terry Bradshaw, from the UVM Horticultural Center, reports a low of 24 degrees in Burlington. As a result, it is likely that some orchards suffered frost damage.
For growers with crop insurance, now is the time to inspect your crops and report any suspected damage or, potential losses to your insurance agent immediately. To remain eligible for loss payments crop insurance policies require that damage be reported to your agent within 72 hours. It is a good practice to get a copy of the damage report for your records. In addition, growers should not destroy evidence that is needed to support a claim, without clear direction from the insurance company, preferably in writing. In no cases should replanting of annual crops occur without written permission from your crop insurance adjuster.

You may also have some crops enrolled in the Noninsured Crop Disaster Assistance (NAP). If damage occurred on any of them, Contact the Farm Service Agency (FSA) office for your county to report the damage.

Remember; be sure to contact your crop insurance agent immediately if you experienced crop damage. For more information contact a crop insurance agent or visit UVM Extension’s crop insurance web site at http://agrisk.blog.uvm.edu or the RMA web site at http://www.rma.usda.gov where a list of crop insurance agents can be found.

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