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New in 2011
Common Crop Policy |
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Federal Crop Insurance Program, governed by RMA (Risk Management Agency), has combined Crop Revenue Coverage (CRC), Revenue Assurance (RA), Income Protection (IP), and Indexed Income Protection (IIP) into a single uniform policy called the “Common Crop Policy.” Provisions have been revised to provide either revenue protection or yield protection.
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Revenue Protection (RP)
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Revenue Protection (RP) coverage provides protection against production loss or price decline or increase, or a combination of both. A guarantee is based on the higher of the Projected (Spring) Price or Harvest (Fall) Price.
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| Yield Protection (YP) |
Yield Protection (YP) coverage provides against a production loss for crops for which revenue protection is available but was not elected. The insured must have a yield loss to receive claim payment. |
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- RP can be purchased without Harvest Price protection to reduce premium.
- Both RP and YP provide replant expense reimbursement protection, and prevented planting protection.
- (Exceptions – No replant protection on fall wheat. Also no replant protection for any crops with CAT level YP.)
- Unit Choices: YP – basic and optional. RP – basic, optional and enterprise.
- Coverage Levels – 50 to 85% of average yield on corn, soybeans, and grain sorghum. 50 to 75% for wheat. CAT level also available with YP on all crops.
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