Illinois farmers have until March 15 to sign up for spring federal crop insurance policies, according to COUNTRY Financial.
"Increasing input costs, volatile grain markets and uncertain weather pose risks for farmers and their grain operations. Federal crop insurance offers one way to protect farmers' grain assets and protect themselves against a potential price decline," says Sheri Bane, director of commercial/agribusiness for COUNTRY.
Farmers can further reduce risk by developing a grain marketing plan. COUNTRY financial representatives can help farmers secure market analysis and grain contracts through AgriVisor LLC, a joint venture of Growmark Inc. and Illinois Farm Bureau.
COUNTRY offers the following Federal Crop Revenue and Bushel Protection Policies to help meet the needs of farmers:
• Revenue Policies: Provide protection from low yields and low market prices. Revenue Policy products include: Revenue Assurance (RA), Crop Revenue Coverage (CRC), Income Protection (IP) and Group Risk Income Protection (GRIP).
• Bushel Protection Policies: Provides protection against loss of production. Bushel Protection Policy products include: Multiple Peril Crop Insurance (MPCI), Catastrophic Risk Protection (CAT) and Group Risk Protection (GRP).
"Federal crop insurance is a complex product and farmers have different needs," says Bane. "COUNTRY recommends farm operators and managers meet with certified federal crop representatives to compare the various products and decide which policy is best for their situation."
COUNTRY is among the leading federal crop insurers in Illinois. In addition to federal crop insurance, COUNTRY also offers crop hail insurance for hail, vandalism and fire damage to standing crops not covered by federal crop insurance. The GrainGuard® policy provides protection for harvested grain and offers additional replant coverage options.