This year has been memorable to say the least. But as we wind down the year, here are just a couple reminders regarding harvest losses that can make 2020 go out like a lamb, rather than a lion.
The first is to contact your insurance specialist immediately if you think there may be a loss and get any potential claims turned in. This includes individual units, if you have optional unit coverage or an overall production loss on a specific crop, along with if you have enterprise unit coverage. The rule on production losses is that a claim must be turned in within 15 days of the completion of harvesting that specific crop. Insurance companies do have the right to reject a claim if the claim is not submitted within 60 days after finishing harvest.
The second reminder is to make sure you have your paperwork/production numbers ready to go for the adjuster. If production was hauled to an elevator, scale tickets and assembly sheets are needed for the adjuster to complete your claim efficiently. If your production is farm stored, truck load logs, weigh wagon readings, or bin measurements will need to be provided. In some cases, a bin measurement may need to be completed by an adjuster. If you have a contract crop like sugar beets, where they are delivered specifically to a certain co-op, grower’s reports will need to be provided to the adjuster. Also, with the implementation of the early harvest factor (EHF) on sugar beets over the last couple of years, a daily load log report for production that was taken on a loss unit prior to October 1st will also be necessary.
Finally, the announcement of the harvest price on many crops, if they haven’t already, will be coming out shortly. This year, wheat’s harvest price settled in at $5.06 (base price was $5.56), which increased the bushel guarantee by an additional 9.9%. As for corn and soybeans, corn is hovering close to the base price of $3.88, but the soybean harvest price is most likely to come in well over the base price of $9.17 at the time this writing. If this continues to hold true on soybeans, growers that have any production claims will not have an increase in their guarantees but will be paid at the higher price if their claims are below the original guarantee.
Below is a listing of the end of insurance periods for crops common to our area. Again, the end of the insurance period is the earlier of the harvest date for the crop or the date published in the Special Provisions as listed below. The following dates are the last days to report unharvested crop loss:
|September 15||Green Peas|
|September 20||Processing Beans* & Sweet Corn|
|September 30||Silage Corn & Dry Peas|
|October 15||APH Forage Production & Potatoes|
|October 31||Wheat, Barley, Canola, Dry Beans, Flax, Oats & Rye|
|November 15||Sugar Beets|
|December 10||Grain Corn, Soybeans & Grain Sorghum|
*October 5th for Processing Beans in these MN counties: Douglas, Kandiyohi, Pope, Renville, Stearns and Swift
Again, these are just a few reminders to be mindful of if you feel you may be in a production loss situation. It is always best to contact your crop insurance specialist first to discuss potential losses. Please keep in mind that everyone’s individual situations are unique to their own operations.