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RMA Crop Production and Revenue Insurance Products

RMA Crop Production and Revenue Insurance Products. Lesson Overview In this lesson, we will learn about: Wyoming acres of annually-planted crops, and acres insured Multiple Peril Crop Insurance Catastrophic Risk Protection (CAT) Crop Revenue Insurance (CRC) Group Risk Plan (GRP)

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RMA Crop Production and Revenue Insurance Products

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  1. RMA Crop Production and Revenue Insurance Products Lesson Overview • In this lesson, we will learn about: • Wyoming acres of annually-planted crops, and acres insured • Multiple Peril Crop Insurance • Catastrophic Risk Protection (CAT) • Crop Revenue Insurance (CRC) • Group Risk Plan (GRP) • Group Risk Income Protection (GRIP) • Forage Insurance • Seed and Specialty Crop Insurance • Alfalfa Seed Protection Insurance • Nursery Crop Insurance • Adjusted Gross Revenue-Lite (AGR-Lite)

  2. RMA Crop Production and Revenue Insurance Products Nursery Crop Insurance-Overview • Nursery Crop Insurance is another offering under RMA Crop Protection and Revenue Insurance: • History • Geographic Coverage • Nursery Crop Insurance Attributes • Container Grown • Field Grown • Precluded from Coverage • Crop Year

  3. RMA Crop Production and Revenue Insurance Products Basics of Nursery Crop Insurance • Some of the basics of nursery crop insurance are quite unique: • Plant Inventory Value Report (PIRV) • Insured Nursery Plant Inventory • Price Election • Basic Unit Value • Coverage Level • Amount of Insurance

  4. RMA Crop Production and Revenue Insurance Products Basics of Nursery Crop Insurance (cont.) • Field Market Value A • Field Market Value B • Under-report Factor • Basic Unit • CAT Coverage • Written Agreements • Endorsements

  5. RMA Crop Production and Revenue Insurance Products Nursery Crop Insurance Example

  6. RMA Crop Production and Revenue Insurance Products Nursery Crop Insurance Exercise • During the crop year, Valerie’s nursery suffered an insurable loss do to an adverse weather event. Field market value A was determined by a RMA-approved appraisal to be $250,000 and likewise field market value B was determined to be $160,000. Just prior to the insurable loss Valerie’s inventory value was $50,000 more than the inventory value reported when she initiated, so she under-reported her initial inventory value of $200,000. Will she receive an indemnity? (Likely/Unlikely) • Let’s look at the calculations

  7. RMA Crop Production and Revenue Insurance Products

  8. RMA Crop Production and Revenue Insurance Products Nursery Crop Insurance: Summary • In this topic, you have learned: • The nursery crop insurance policy is available in all Wyoming counties to wholesale nurseries and has recently undergone substantial revision to make it more useful to growers • Nursery crop insurance is asset-based with coverage based on plant inventory values determined by a FCIC plant list or the grower’s price list or catalog • Substantial reductions in the indemnity for an insurable loss in inventory value occurs if the initial inventory value is under-reported • Unlike most other multiple peril crop insurance policies, nursery crop insurance will cover multiple insurable losses in the crop year up to the amount of insurance purchased

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