PRICE ELECTIONS: Initial prices for MPCI for 2007 are: corn $3.50, soybeans $7.00, oats $1.80, and wheat $4.45.  Price elections are higher for 2007, meaning your coverage and your premium will increase also.  Revenue prices (RA and CRC) are based on February averages of December ’07 corn and November ‘07 soybean futures contracts on the CBOT were finalized March 1st at $4.06 for corn and $8.09 for soybeans.

ACCURACY IN REPORTING: If you over-report or under-report your acres by over 10%, your loss payment will be reduced!  Report your share and acres accurately.  Even “honest errors” can have serious financial impact in reduced loss payments!  If you are not reporting planted crops using our GPS determined acres, report the same acres to us that you report to FSA.

SOCIAL SECURITY/TAX ID NUMBERS:  It is your responsibility to make sure that SSNs or Tax ID numbers are reported correctly on your policy by 3/15.  Spouse name and SSN must be listed on the policy also.  For corporations, partnerships, joint ventures, and trusts, every individual or entity that has 10% or more interest in the named insured (policyholder) must be listed.   Failure to report correct SSNs/EINs will result in reduction in share, reduced loss payments, or voidance of policy.  These SSNs and/or Tax ID numbers must match FSA certification!

FSA FARM NUMBERS: Please check all insurance forms for accuracy of FSA farm numbers.  Misreported farm numbers may cause problems with USDA.  Please notify us of any changes to existing farm numbers and farm numbers for added land.

NEW LAND:  We need to know about new land ASAP.  If acres of new land exceed tolerances, by April 30^th we need to request use of your average yields rather than a county t-yield.  The only way the government will approve a request after April 30^th on new land is if you can provide a lease agreement showing that the lease was completed after April 30^th.

LATE PLANTING:  Coverage is automatically included for most crops.  Coverage is reduced 1% per day for each day planting is delayed past the final plant date.  Maximum reduction in coverage is 25%.

PREVENTED PLANTING:  You must report a prevented planting loss within 72 hours after you decide not to plant the intended crop.  No cover crop or haying/grazing is allowed on PP acres.

FORAGE:  Do not plow up any forage/hay/alfalfa with the intent to plant to another crop without consulting us first!

SILAGE APPRAISALS:  Please contact us any time you chop for silage or put a crop to another use (eg baling oats).  In most counties, a silage appraisal is required when the acres chopped are 50% or more of the acres in the unit.  In some counties, however, where corn can be insured as grain AND as silage, an appraisal is required even if the acres are less than 50% of the unit.  Please call, and we’ll help determine the correct way to proceed.

HAIL DAMAGE:  You must notify us of possible hail damage within 10 days of the hail storm or the company can deny the claim and not pay it.  Notify us any time you suspect hail damage or damage from any other insured cause.

LOSSES:  Possible production and/or revenue losses need to be reported as soon as possible after harvest.  Losses must be reported the earlier of:  15 days after completion of harvest OR December 10^th.

1^st CROP/2^nd CROP:  The most common situation for you will be when corn acres fail and you want to plant the same acres to soybeans.  In the past, you would pay full premium on both the corn and soybean acres and could have the potential to collect a full loss on both crops.  Now, the government has capped the maximum loss at 135%.  There are no set guidelines as to which option you should choose, so call us to discuss your particular situation. 

UNINSURED ACRES:  All acres of a crop must be reported on the acreage report, even if they are uninsurable.  Production on all uninsured acres must now be reported, although production on uninsured acres is NOT used on your APH.

ORGANIC:  If you are growing crops organically, it must state this on the application as there are different rates for organic coverage.  Additional documentation and regulations apply to organic crops.