Crop Insurance Directory

• Crop-yield insurance: There are two main classes of crop-yield insurance:
  
  
  • Crop-hail insurance: generally available from private insurers (in countries with private sectors) because hail is a narrow peril that occurs in a limited place and its accumulated losses tend not to overwhelm the capital reserves of private insurers. The earliest crop-hail programs were begun by farmers cooperatives in France and Germany in the 1820s.
  
  
  • Multi-peril crop insurance (MPCI): covers the broad perils of drought, flood, insects, disease, etc., which may affect many insureds at the same time and present the insurer with excessive losses. To make this class of insurance, the perils are often bundled together in a single policy, called a multi-peril crop insurance (MPCI) policy. MPCI coverage is usually offered by a government insurer and premiums are usually partially subsidized by the government. The earliest MPCI program was first implemented by the Federal Crop Insurance Corporation (FCIC), an agency of the U.S. Department of Agriculture, in 1938. The FCIC program has been managed by the Risk Management Agency (RMA), also a U.S. Department of Agriculture agency, since 1996.

• Crop-revenue insurance: combination of crop-yield insurance and price insurance. For example, RMA establishes crop-revenue insurance guarantees on corn by multiplying each farmer's corn-yield guarantee, which is based on the farmer's own production history, times the harvest-time futures price discovered at a commodity exchange before the policy is sold and the crop planted. There is a single guarantee for a certain number of dollars. The policy pays an indemnity if the combination of the actual yield and the cash settlement price in the futures market is less than the guarantee. In the United States, the program is called Crop Revenue Coverage.

Crop-revenue insurance covers the decline in price that occurs during the crop's growing season. It does not cover declines that may occur from one growing season to another. That would be called "price support," and would raise a series of complex agricultural-policy and international-trade issues.

Working to improve crop insurance through unity and leadership. - Read more

NCIS, National Crop Insurance Services Inc., a nonprofit trade association, promotes the US crop insurance industry by providing a wide array of products, services, education, and information to members and the public. - Read more

Nation Crop Insurance Services (NCIS) brings stories from real farmers who rely on federal crop insurance programs to keep America growing. - Read more

Rain and Hail is committed to providing meaningful risk management crop insurance programs to rural America. - Read more

RMA provides policies for more than 100 crops, a number which would be much higher if every insurance plan available for the crops insured in every county were counted. (See our current crop list.) RMA also conducts studies to determine the feasibility of insuring other crops. Federal crop insurance policies typically consist of the Common Crop Insurance Policy, the specific crop provisions, and policy endorsements and special provisions. - Read more

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