|
GRP is a bushel based plan using county averages to determine if an indemnity is paid. Various levels can be chosen, based on a county expected yield, and once county results are available (usually 4 – 6 months after harvest), losses if any are paid to GRP plan participants. Individual producers have no guarantee for their operation, and must sign a disclaimer form to that effect. Also, GRP does not cover replant or prevented planting losses. You could have a total loss, yet with the county reaching its expected level, you would receive nothing under a GRP plan. However, you may have a normal crop, and receive a GRP loss payment if the county falls below the expected level chosen. Depending on amount of protection purchased, GRP is usually similar in cost to MPCI.
|
|
|
