Farmers confront flood damage and insurance
Indiana farmers who insured their 2008 crops have decisions to make if recent floods damaged their fields.
“Farmers may not be able to plant their original crop in a timely manner and in other instances farmers have lost crops due to flooding,” said George Patrick, Purdue extension agricultural economist. “These producers may be eligible for different crop insurance benefits, depending on the type of insurance they have and individual circumstances.”
Producers who were prevented from planting intended crops have three options: Plant the original crop, even though the yield may be reduced; plant an alternative crop; or abandon the acreage and take a prevented planting payment.
Mutiple peril crop insurance plans based on a producer’s actual production history, crop revenue coverage, revenue assurance and income production all provide a 25-day late-planting period, Patrick said.
The end of the late planting period is June 30 for corn and July 5 for soybeans, with yield coverage reduced 1 percent per day for planting delays, with a maximum 25 percent reduction.
Farmers who planted on time and have suffered flood-related crop damage have four options available: Leave the damaged crop as is; replant part or all the damaged area to the same crop; replant to a different crop; abandon the crop and plant a cover crop.
Patrick encouraged producers facing crop losses to work closely with their crop insurance agents.
“The claims procedures and documentation requirements need to be followed carefully,” he said. “Failure to comply with procedures could result in insurance claims being denied.”
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Tags: insurance agents