Some Iowa crop producers may be able to make claims on their multiple peril crop insurance this year. According to William Edwards, Iowa State University Extension economist, now is the time for corn and soybean producers to make sure that they are collecting all of the records needed by their insurance company, in case they have a claim.
"The December corn futures price has dropped nearly 10% since February," says Edwards. "That means that even relatively small yield losses may trigger an indemnity payment under one of the revenue insurance policies."
The fall harvest prices for revenue assurance or RA on soybeans and crop revenue coverage or CRC for both soybeans and corn will be announced the first week of November. The RA price for corn will be announced the first of December.
What is an acceptable record?
Farmers should keep production records separate for each farm or unit listed under their policy.
cceptable records include:
• Printed records from combine monitors that include the location of the field, name of crop, date and number of bushels
• Load records that include the field numbers, date of harvest, identity of conveyance container and estimated bushel volume of the container
• Storage bin markings that are written in permanent marker showing the unit by field, your initials and the date
• If the crop is hauled to an elevator, the scale tickets can be used as proof of crop production.
Edwards reminds farmers they should keep all production records for three years in case they are audited by their insurer. He urges crop producers to contact their crop insurance agent if they have questions.