9/14/2011
We are mailing out 2012 wheat quotes. You need to review your quotes and call or come by the office no later than September 30th if you want to make any changes in your levels of coverage!!
If you do not reply by Sales Closing Date of 9/30/11 your coverage will remain the same as last year’s!!!
The estimated base price for Wheat looks to be around $8.62bu and the approved price will be announced by Friday, September 16th.
Some of you are receiving only postcard reminders due to that you were either on CAT last year and may wish to consider a buy up plan of insurance or we need you to come to the office to review your coverages due to either pending loss data or lack of production to quote your policy.
Terms you will see on the quotes:
YP=Yield Protection Plan (production based coverage only at Base Price guarantee)
RP=Revenue Protection Plan (production and revenue based coverage at Base price guarantee + any potential price change at harvest price determination)
EU=Enterprise Units (your farms are all in one unit and it works much like a CAT policy in that you do not have individual field protection)
OU=Optional Units (each of your farms have individual protection by section/shareholder/practice etc)
BU=Basic Unit (Acreage in this unit structure are stand alone units due to either EU ineligibility, single unit farms or 100 percent share units)
**HPE=Harvest Price Exclusion (This endorsement election removes the upward Harvest Price payment option when the harvest price is set. If you are interested in this endorsement, you really need to contact our office and we will review with you how this works)
Reminder: Assignments of Indemnity need to be refiled for the 2012 Crop Year by your lendors, they can contact our office for the necessary forms for processing!!!
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Pasture, Rangeland & Forage!! If you are interested in this product, please call or come by the office!! This year you must request a policy by September 30th, so this is a change from 2011 PRF!!