Crop Insurance Renewal/Change Forms to Be Mailed
Renewal/Change Forms will be mailed to current crop
insurance clients during January. Please contact your
1st FCS Crop Insurance Specialist with any questions
regarding renewal or changes to your crop insurance
coverage. Remember, crop insurance is a continuous
policy. Unless changes are made in your coverage, it
will remain the same as your 2004 policy.
Now is the time to discuss hail coverage with your Crop
Insurance Specialist. Many hail policies are continuous
until cancelled. Consequently, they need to be updated
each year. You may obtain hail insurance by selecting an
auto-crop hail policy when you purchase your 2005
Federal Crop Insurance. When you purchase the auto-crop
hail insurance, the acres you report for MPCI will be
automatically added to your hail policy.
Dates to Remember:
March 1 – The Base Price for corn and soybean revenue
products will be unofficially announced.
March 15 – 2005 Federal Crop Insurance Sales Closing
Signatures needed on the following changes:
• Application and Transfers
• Policy or Crop Cancellations
• Plan Changes
• Price/Level Changes
• Adding or Deleting a Crop or County
• High Risk Land Exclusions
• Prevented Planting Buy Up Option
• Hail Exclusions
• All Counties Designation
April 29 – Production Reporting Deadline for 2004 crops
June 1 – Most hail policies will cancel if not renewed
July 15 – Spring crops Acreage Reporting deadline
October 1 – MPCI policy premiums due for spring
New Crop Insurance Team Members
Our crop insurance team grows! We’ve hired two new crop
insurance professionals as a result of significant
growth in our business. It’s evident of the 1st FCS’
commitment to provide outstanding client service.
We are pleased to announce Greg Zumdahl is the Crop
Insurance Specialist now serving Amboy and Morrison
clients. Greg joins 1st FCS with more than four years of
crop insurance experience. He is actively involved in
his family’s farm operation, near Baileyville. Greg is a
graduate of the University of Wisconsin – Platteville,
with a degree in Agriculture Business.
Jill Bealmer is our newest Insurance Client Service
Representative. She teams with Crop Insurance Specialist
Steve Jackson to support Pekin, Eureka and Edwards
clients, while working out of the Edwards office. Jill
has an Agribusiness degree from Illinois State
University and joins 1st FCS having worked in
horticulture for seven years.
Risk Management
Today’s farm economy reflects narrow profit margins,
substantial price risk, weather volatility, as well as
new danger from factors such as Asian Soybean Rust.
Study how various insurance products work and meet with
your crop insurance specialist to discuss their
potential role as companion tools in selling grain
pre-harvest.
1st FCS scheduled risk management meetings are listed
below and will cover information on Multi-Peril crop
insurance. Most will include discussions on marketing
strategies which work in conjunction with crop
insurance. Also, Asian Soybean Rust will be a discussion
topic.
Jan. 4 Galva
Jan. 10 Sycamore
Jan. 12 Galva
Jan. 13 Pontiac
Jan. 18 Rushville
Jan. 18 Sycamore
Jan. 21 Edwards
Jan. 25 Kinderhook
Jan. 27 Pittsfield
Jan. 27 Quincy
Jan. 27 Woodhull
Jan. 28 Normal/Central Office (with U of I)
Jan. 28 Carthage
Jan 28 Wyoming
Feb 1 Galva
Feb 2 Annawan
Feb 3 Geneseo
Feb. 8 Aledo
Feb 9 Princeton
Feb. 11 Stronghurst
Feb. 16 Galesburg
Feb. 24 Aledo
U of I Extension Service
Meetings
1st Farm Credit Services will participate in meetings
with the University of Illinois Extension Service.
Topics on the agenda include a Marketing Outlook by
Darrel Good and a presentation on Soybean Rust and Fast
Tools by the University of Illinois. Also, 1st FCS Crop
Insurance Specialists will lead a discussion on crop
insurance.
Jan. 28 Normal
Feb. 9 Rock Falls
Feb. 11 Monmouth
Changes for 2005
There are no significant changes to crop insurance
products for 2005. You will notice a rate increase on
some products including GRP and GRIP. However due to
lower commodity prices, you may not see a significant
change in your premium from 2004. The yield, revenue and
group products are all available for 2005 and premium
subsidies remain at the same levels as in the past.
The most important changes to the crop insurance program
come in penalties and fines to the producer for
incorrect reporting of acres and production. There are
new penalties for the over-reporting as well as the
under-reporting of acres. These penalties will be seen
in the reduction of claim payments.
Does My Crop Insurance Policy Cover Asian Soybean
Rust?
Crop Insurance will treat Asian Soybean Rust like any
other covered peril. It is no different than coverage
for other insect or plant diseases. However, as a
producer you are responsible for crop care to the best
of your ability.
For example, if soybean rust is detected in your fields,
it is the producer’s responsibility to act by using
recommended treatment for this problem. If there is a
yield loss after treatment application, then crop
insurance will pay. Treatment cost is not a
consideration. Remember to contact your 1st Farm Credit
Services Crop Insurance Specialist, who will partner
with you to ensure necessary measures have been followed
to assure payment in the event of a loss.
As a producer, crop insurance is a “safety net” to
protect you in situations where it is not possible to
manage a particular problem, such as Soybean Rust. Some
studies suggest Asian Soybean Rust can cause yield
losses from 60% to 100% due to premature defoliation, in
as few as 9 to 14 days. In that event, it is unlikely
that even the most proactive producer will be able to
control the devastating fungus. Crop Insurance will
protect against yield and revenue losses, ultimately
protecting you as a producer against the financial
burden of crop failure.
