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Crop Insurance

CROP HAIL

The natural elements can be disastrous to a farmer’s crops. It is vital that today’s farmer has protection for these random occurrences. Farm Bureau Mutual Insurance Company of Arkansas, Inc. offers Crop Hail coverage for just such events. Coverage can be provided for growing crops such as, cotton, rice, soybeans, corn, and wheat against damage from hail, fire, lightning, vandalism and malicious mischief.

Additional coverage is available for:

  • Loss from hail to cotton open bolls
  • Harvested grain for rice, soybeans, corn, and wheat
  • Fire and lightning to crops planted in small grain stubble

MPCI

Multi Peril Crop Insurance adds protection against nearly every kind of natural disaster not covered by Crop Hail insurance, including insects, adverse weather, plant disease, wildlife damage, and other causes of loss. MPCI is federally subsidized and is available on most major crops.

RP

Revenue Protection policies insure producers against yield losses due to natural causes such as drought, excessive moisture, hail, wind, frost, insects, and disease, and revenue losses caused by a change in the harvest price from the projected price. The farmer selects the amount of average yield he or she wishes to insure; from 50-75 percent (in some areas up to 85 percent). The projected price and the harvest price are 100 percent of the amounts determined in accordance with the Commodity Exchange Price Provisions and are based on daily settlement prices for certain futures contracts. The amount of insurance protection is based on the greater of the projected price or the harvest price. If the harvested, plus any appraised production, multiplied by the harvest price is less than the amount of insurance protection, the farmer is paid an indemnity based on the difference.

Revenue Protection With Harvest Price Exclusion (RPHPE) policies insure farmers in the same manner as Revenue Protection policies, except the amount of insurance protection is based on the projected price only (the amount of insurance protection is not increased if the harvest price is greater than the projected price). If the harvested, plus any appraised production, multiplied by harvest price is less than the amount of insurance protection, the farmer is paid an indemnity based on the difference.

Yield Protection (YP) policies insure farmers in the same manner as APH policies, except a projected price is used to determine insurance coverage. The projected price is determined in accordance with the Commodity Exchange Price Provisions and is based on daily settlement prices for certain futures contracts. The farmer selects the percent of the projected price he or she wants to insure, between 55 and 100 percent.

Eligible Crops:

  • Wheat
  • Barley
  • Malting Barley
  • Corn
  • Grain Sorghum
  • Soybeans
  • Cotton
  • Rice
  • Sunflowers
  • Canola/Rapeseed
Please see your Farm Bureau Insurance agent for availability.

ARPI

Area Risk Protection Insurance, or ARPI, is an insurance plan that provides coverage based on the experience of an entire area, generally a county. ARPI replaces the Group Risk Plan (GRP) and the Group Risk Income Protection Plan (GRIP). It is designed to increase efficiency by providing one set of policy provisions for all area plans, and uniform pricing methods for area and individual-based plans. It also provides for more flexibility in the data source used for establishing yields and requires production reporting requirements for producers enrolled in area-based plans, which will improve accuracy and allow the program to be offered in more areas. ARPI provides clarity, simplicity, transparency, and reduction of duplication over the GRP and GRIP policy language that benefits both you and your insurance provider. You can choose from three insurance plans:
→ Area Revenue Protection that covers against loss of revenue due to a county level production loss, price decline, or combination of both, and includes upside harvest price protection;
→ Area Revenue Protection with Harvest Price Exclusion that covers against loss of revenue due to a county level production loss, price decline, or a combination of both; or
→ Area Yield Protection that covers against loss of yield due to a county level production loss. All three plans have one set of basic provisions and crop provisions documents and will be effective for the 2014 and succeeding crop years. The first contract change date is June 30, 2013 for wheat.

What Crops Are Covered By This Plan?
The crops covered by the Area Risk Protection Insurance Plan are:

  • Barley
  • Corn
  • Cotton
  • Forage
  • Grain Sorghum
  • Peanuts
  • Soybeans
  • Wheat

Farm Bureau Mutual Insurance Company of Arkansas Inc. is an equal opportunity provider.

Contact a Farm Bureau Insurance agent for complete details regarding specific policy coverage and rates.



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