It's application and renewal time for winter wheat, which is the time for producers to make sure their Production Insurance coverage matches what their farm business looks like today. As a farm evolves and the industry changes, so can coverage needs.
Renewal time is the opportunity to assess coverage needs, but it's also important to carefully review coverage details since they are based on last year's business. By confirming that information is accurate and reflective of how their farm operates today, producers ensure that they pay only for the coverage they need and receive the right compensation in the event of a claim.
Before deciding on this year's winter wheat coverage, producers should ask themselves some key questions:
- What changes have they made to their business?
- What risks does their farm face this year?
- Do they need to protect their crop over the winter?
- Do their chosen coverage levels provide the best protection?
- What's happening in their industry that could affect their business?
Reporting is easy
Producers can report their winter wheat acres by using the shortcut at agricorp.com/acreage. The online reporting tool provides the convenience of round-the-clock reporting so producers can submit their acreage reports anytime, anywhere. To start reporting, customers only need their Agricorp ID. Customers can also call Agricorp to report acres. The last date to report final planted acres for the 2017 winter wheat crop is November 8.
Accurate reporting gives producers the right coverage
Reporting acres on time is necessary for maintaining coverage, but reporting those acres accurately is equally important for making sure producers get, and pay for, the coverage they need. Accurate reporting is also a requirement for participation in Production Insurance. If producers report too many acres, they may pay too much premium; if they report too few acres, they may not receive the right compensation in the event of a claim.
Work with a licensed grain dealer
It's important that producers always deal with licensed dealers and elevator operators. If payment is deferred, it's essential to get written confirmation within five trading days of the arrangement date. Dealers and elevator operators are required to post their licences at their establishments. For a list of licensed dealers and elevators, visit the Grain Financial Protection Program section of agricorp.com.
Options that make it easier to do business
Direct deposit: For fast program payments right in your bank account, sign up at agricorp.com/directdeposit.
Online services: To report acres, submit AgriStability forms and view program documents, go to agricorp.com and click Sign in.
Online banking: Pay premiums and fees without delays and mailing hassles.