“It’s a program that can help a producer survive a disaster and return to profitability!”

Slides:



Advertisements
Similar presentations
7.01 Life Insurance. Term Insurance Provides insurance for a specific period of time Relatively low cost Policy benefits: young person can buy a large.
Advertisements

Farmland Values and Leasing Key Questions Chapter 20 §What determines the value of farmland? §What are the advantages and disadvantages of owning vs. leasing?
Financial Statement Analysis
On Overview of AGR-Lite Dr. Laurence M. Crane National Crop Insurance Services Dr. Laurence M. Crane National Crop Insurance Services Funding was provided.
A REVENUE BASED STRATEGY FOR MARYLAND FARMS Mark Powell Marketing, Maryland Department of Agriculture Farmers Market Conference Bowie, Feb. 29,
Dairy Gross Margin (GM) (Milk Income over Feed Cost) New USDA Risk Management Tool for Dairy Producers Over-view/concepts & illustrations Includes.
Crop Insurance Policies and Their Use of Contracts WAWGG Annual Meeting & Convention February 4-6, 2009 Mary Stuart, Risk Management Specialist.
AGR Lite Crop Insurance: A potential option for your farm? Jennifer Lamb, Fellow, Appalachian Sustainable Development Presentation for Grayson Landcare.
2008 Farm Bill Commodity Program Income Supports Prepared by Bruce L. Jones Professor an Extension Farm Management Specialist Dept of Ag Econ UW-Madison,
New Disaster Assistance Programs in the 2008 Farm Bill: Focus on SURE Rod M. Rejesus Assistant Professor and Extension Specialist Dept. of Ag. and Resource.
$ Taking Charge of Yield & Revenue Risk Management.
Wesley N. Musser Farm Management Specialist Department of Agricultural and Resource Economics University of Maryland.
Wesley N. Musser Farm Management Specialist Department of Agricultural and Resource Economics University of Maryland.
Crop Insurance Update for Baltimore County Wesley N. Musser Department of Agricultural and Resource Economics University of Maryland.
MARYLAND VEGETABLE CROP INSURANCE UPDATE Wesley N. Musser Department of Agricultural and Resource Economics University of Maryland.
Life and Health Insurance
Lunch and Learn February 10, 2004 Crop Insurance Update George Patrick.
The 2012, 2013, 2014 Farm Bill (The Agricultural Act of 2014) Will Snell – University of KY
Crop Insurance/Disaster Relief Federally subsidized crop insurance –Actual Production History (APH) Most recent 10 years of actual yield histories –Multiple-Peril.
Can Crop insurance Work to Lower Production and Price Risk of Diversified Farms? Lessons Learned from the AGR-Lite Wizard Project Jeff Schahczenski, Agricultural.
15.5. Helps replace lost income for a family who is financially dependent upon another person. Protects against financial loss. Policy states:  name.
George Haynes Professor and Extension Specialist Montana State University Vincent Smith Professor Montana State University Ft. Peck Community College/MSU.
Income Statement – A Financial Management Tool. What is an Income Statement?  A financial statement that measures the profit or loss of a business for.
$ Taking Charge of Yield & Revenue Risk Management on Your Farm Elliot Alfredson Spartan Crop Insurance.
Risk Management – AGR-Lite Workshop for the Florida Association of Extension Professionals September 26, 2007 Washington State University Extension John.
State Farm Life Insurance How Much Is Protecting Your Family Worth To You? Megan Potier.
2013 Illinois Farm Economics Summit The Profitability of Illinois Agriculture: Managing in a Turbulent World Income, Financial Outlook, and Adjustments.
Econ 339X, Spring 2011 ECON 339X: Agricultural Marketing Chad Hart Assistant Professor John Lawrence Professor
RMA Crop Production and Revenue Insurance Products Lesson Overview In this lesson, we will learn about: – Wyoming acres of annually-planted crops and.
Dr. Jody Campiche Oklahoma State University May 16, 2013 ACRE vs. DCP.
Econ 339X, Spring 2010 ECON 339X: Agricultural Marketing Chad Hart Assistant Professor/Grain Markets Specialist
Econ 339X, Spring 2010 ECON 339X: Agricultural Marketing Chad Hart Assistant Professor/Grain Markets Specialist
2014 Farm Bill: Theory and Practice Discussion Chris Hurt Purdue University
Revenue Risk, Crop Insurance and Forward Contracting C ory Walters and Richard Preston University of Kentucky
RMA Crop Production and Revenue Insurance Products Lesson Overview In this lesson, we will learn about: – Wyoming acres of annually-planted crops, and.
University Extension/Department of Economics Crop Insurance for Organic Producers: The Latest Update 10 th Annual Iowa Organic Conference Ames, Iowa Nov.
FINANCIAL STATEMENT ANALYSIS
Econ 338C, Spring 2009 ECON 338C: Topics in Grain Marketing Chad Hart Assistant Professor/Grain Markets Specialist
A Risk Analysis of Adjusted Gross Revenue-Lite on Beef Farms Art Barnaby, Jeff Williams, Andrew Saffert, and Michael Langemeier Department of Agricultural.
The Importance of Crop Insurance in the United States Material prepared for the Senate Ag Committee Staff Briefing March 9, 2012 Contact: David Graves,
Dairy Producer Margin Protection Program February 14, 2014 University of Wisconsin Webinar Series Dr. John Newton Clinical Assistant Professor, Department.
University of Illinois Consortium Outreach 2.ARC / PLC 3.Dairy 4.NAP tool.
Econ 339X, Spring 2011 ECON 339X: Agricultural Marketing Chad Hart Assistant Professor John Lawrence Professor
Department of Economics SURE Farm Program North Central Iowa Crop & Land Stewardship Clinic Iowa Falls, Iowa December 30, 2009 Chad Hart Assistant Professor/Grain.
Department of Economics Risk Management for Crop Production Agricultural Credit School Ames, Iowa June 9, 2009 Chad Hart Assistant Professor/Grain Markets.
Econ 337, Spring 2012 ECON 337: Agricultural Marketing Chad Hart Assistant Professor
Econ 338C, Spring 2009 ECON 338C: Topics in Grain Marketing Chad Hart Assistant Professor/Grain Markets Specialist
Effects of Crop Insurance and Government Payments on Annual Financial Risk Bruce A. Babcock Center for Agricultural and Rural Development
Department of Economics Soybean Outlook and the New Farm Bill Programs Iowa Soybean Association Annual Meetings Ames, Iowa December 19, 2008 Chad Hart.
2013 Risk Management Check Up Is YOUR 2012 Risk Management Plan Adequate to Manage 2013 Risks? (Increasing Input Costs, Prices & Weather Volatility)
1 Dairy Gross Margin (GM) (Milk Income over Feed Cost) New USDA Risk Management Tool for Dairy Producers Over-view/concepts & illustrations Includes est.
"If a child, a spouse, a life partner, or a parent depends on you and your income, you need life insurance." - Suze Orman (Author and financial advisor)
Dairy Gross Margin Strategies Penn State Extension Educators Alan Zepp Risk Management Program Coordinator Center for Dairy Excellence.
RISK MANAGEMENT CROP INSURANCE Submitted by Darrell Boatright Modified by Georgia Agriculture Education Curriculum Office June 2007.
The Power of Group Captives Taking Control of Your Insurance Destiny.
Crop Insurance Basics Trent Milacek NW Area Ag Econ Specialist
RMA Crop Production and Revenue Insurance Products
Farmland Leases: A Reset Needed
WHAT IS Whole Life Insurance?.
Risk Management Insurance
2014 Farm Bill Commodity Programs Overview
Crop Insurance Options For dairy farms
Revenue-Based Income Safety Nets
Farm Service Agency Programs for Beekeepers
Hart - Ag Credit School June 9, 2008 The 2008 Farm Bill Chad Hart
2013 Risk Management Check Up
Assistant Professor/Grain Markets Specialist
Crop Insurance in 2011 AgriGold Seeds Meeting Ames, Iowa July 22, 2011
Farm Bill Global Agriculture Conference Spencer, Iowa
Agricultural Marketing
Presentation transcript:

“It’s a program that can help a producer survive a disaster and return to profitability!”

PA Helps Producers Commonwealth of Pennsylvania has provided Producers about $ 13,000,000 Crop Insurance Premium Assistance since 2000, to make better coverages more affordable!

Effect of Yield Loss on Corn Farm

Adjusted Gross Revenue -Lite (AGR-Lite) Individualized whole-farm income protection against loss of gross revenue from natural & many unavoidable causes of loss and market fluctuations. Example: * 5 year avg. revenue = $122,899 * 75% coverage level = $92,147 loss trigger * Revenue produced = $21,000 * Revenue loss = $71,147 * 90% payment = $64,032 loss payment

AGR-Lite Improvements Fits larger farms (up to $2 mil. gross income) Broader list of insured causes of loss More producers are eligible for higher amounts of protection March 15 enrollment deadline for new applications (renewals deadline Usually cost less than other insurance plans

PA Producers Benefit From Higher Coverages.

Producer’s Report that Crop Ins. Provides a Good Financial Foundation Can Improve Crop Marketing Can Provide Safety-Net at Targeted Cash- Flow Level Can Provide Increased Credit Worthiness Can Provide Peace Of Mind Can Improve Grand-Kids Inheritance Plan for Success – Insure Against Disasters!

Information made available by the PDA, PSU and RMA\USDA educational partners.