SOYBEAN POLICIES

Our team at Agriliance insures soybeans in many different states across the country and we provide risk management advice for each farm individually.  All farms have different risk depending on location, financial risk tolerance, markets, soil types, access to irrigation, etc and it is our goal to provide a risk management solution that fits the needs for every operation that we have the pleasure of doing business with.

The Risk Management Agency (RMA) administers crop insurance policies for soybeans nationally and has different options and tools for farmers to protect their financial risk during the growing season. Also, we have partnered with several different Approved Insurance Providers (AIP’s) who offer many different private products that can help supplement a corn farmers risk management plan. Please give us a call to discuss your soybean crop insurance plan and learn how we can add value to your specific operation.

2024 Projected & Harvest Prices

The projected price (also called plant 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 producer is paid an indemnity based on the difference.

Georgia

$11.93 (P)

1/15-2/14 avg of CBOT Jan. soybeans

NC

$11.93 (P)

1/15-2/14 avg of CBOT Jan. soybeans

SC

$11.93 (P)

1/15-2/14 avg of CBOT Jan. soybeans

Virginia

$11.64 (P)

Feb. avg of CBOT Jan. soybeans

Final Plant Dates by Region

CLICK IMAGE TO OPEN REGIONAL MAP INFO
  • What to do

    Notify your agent before damaged acres are replanted. An AIP adjuster must deem the acreage practical to replant first.

  • How it works

    Replant acreage must total 20 acres or 20% of the insured acres to qualify for a replant payment.  Qualifying acreage may be replanted through the end of Final Plant Date or 10 days thereafter.

  • Indemnity Math ($/acre)

    Estimated Indemnity/Acre = 3 bushels × Projected (Plant) Price

  • What to do

    Insured is required to provide a notice that they were prevented from planting an insured crop within 72 hours after the Final Plant Date.

  • How it works

    Prevented Planting (PP) acreage must equal the lesser of 20 acres or 20% of the insured acres to qualify for a payment. Premiums for PP acres will be the same as for timely planted acres, unless a second crop is planted and insured.

    If you do not plant a second crop behind the PP acres, you will receive 60% of your guarantee.  There will be no effect on your Actual Production History (APH).

    If you do plant a second crop, you must wait until after the end of the Late Planting Period for the prevented crop. You must insure the second crop if it is insurable and pay 100% of the premium. You will receive a 65% indemnity reduction on your preventing planting acres and pay 35% of the premium. You will be assigned a yield on the prevented planting crop acres equal to 60% of the approved yield. 

  • Indemnity Math ($/acre)

    PP Coverage Factor × County Crop Guarantee

    Soybean PP Coverage Factor = 60%

    County Crop Guarantee = APH Approved Yield × Plant Price × Coverage Level

  • What to do

    Notices of damage or loss of production must be reported within 72 hours of initial discovery, but no later than 15 days after harvest or End of Insurance Period.

    Keep weight or other measurement records of harvested grain. Producers with optional unit structure must maintain separate records for each farm or unit.

    Notify your agent immediately if you intend to do anything other than carry your crop to harvest as grain – an AIP adjuster will need to appraise the acres.

    If 100% of the production is delivered to an elevator, ask your agent about expediting the claims process!

    Do not destroy or alter intended use to any insured crop without prior approval from an AIP adjuster. 

    Failure to submit claims promptly may result in a claim being denied and no indemnity paid.

  • How it works

    Revenue Protection (RP) plans may be triggered by yield loss, a drop in market price or both.

    The RP Dollar Guarantee for each unit is the Approved Yield × Coverage Level × Unit Acreage × Projected Price. Protection increases if the Harvest Price is higher than the Projected Price.

    The Actual Production Value for each unit is Harvested/Appraised Production × Share Percentage × Harvest Price. The price for which your crop was marketed or sold is not used to calculate actual production value.

    You have a payable loss if the Actual Production Value is less than the Dollar Guarantee for that unit.

    Yield Protection plans offer similar guarantees but only protect against yield loss, insuring yield as a percent of APH. This type of plan does not offer protection against a decline in the Projected Price.

  • Indemnity Math ($/acre)

    RP Indemnity Example (Harvest Price higher than Projected Price)

    Projected Price: $11.93
    Harvest Price: $12.20
    Coverage Level: 75%
    Approved Yield: 34
    Actual Yield: 28
    Dollar Guarantee/Acre = 34 × 75% × $12.20 = $311.10
    Actual Production Value/Acre = 28 × $12.20 = $341.60
    Indemnity = $311.10 − $341.60 = -$30.50/acre
    Harvest Price replaced Projected Price to increase guarantee
    

    RP Indemnity Example (Harvest Price lower than Projected Price)

    Projected Price: $11.93
    Harvest Price: $10.12
    Coverage Level: 75%
    Approved Yield: 34
    Actual Yield: 28
    Dollar Guarantee/Acre = 34 × 75% × $11.93 = $304.22
    Actual Production Value/Acre = 28 × $10.12 = $283.36
    Indemnity = $304.22 − $283.36 = $20.86/acre
  • What to do

    Notify your agent before destroying or repurposing damaged acres.  Acres must be appraised and released by an AIP adjuster first!  Failure to comply may result in no payable loss.

  • How it works

    If insurable damage occurs to the timely planted first insured crop, do not destroy or replant until consent is given.  Damaged acres must be at least the lesser of 20 acres or 20% of the unit to qualify for a payable loss.

    If the second crop is insurable, you are required to insure the acres and pay 100% of the premium.  You must keep production of this second crop separate from all other production of that crop.  Any determined indemnity from the first crop will be reduced to 35% and you will pay 35% of the premium for those acres.

    If the second crop does not have a loss at harvest, you will receive the remaining 65% first crop indemnity and pay the additional 65% first crop premium.

    If the second crop suffers an insurable loss, you will receive the higher of the remaining 65% first crop indemnity or 100% of the second crop indemnity.  If the remaining 65% first crop indemnity is higher, you will pay the remaining 65% first crop premium and 100% of the second crop premium.  If the second crop indemnity is higher, there will be no changes to the first crop indemnity or premium and you will pay 100% of the second crop premium.

    If the second crop is not insurableyou will receive 100% of the determined first insured crop indemnity and pay 100% of the first crop premium. Second crop acres must be reported as uninsurable on the acreage report and production must be kept separate from insurable units.

Acceptable Production Records

Acceptable records to substantiate total certified production include:

Settlement Sheets for sold or commercially stored grain

Claim Information that outlines production to count used to settle claim

FSA Documents that provide evidence of production verified by FSA

Appraisals of Unharvested Production by the AIP

Measurement of Farm Stored Production by the AIP

Precision Farming Technology Records (subject to AIP approval)

Measurement of Farm Stored Production by the Insured (production estimates must be identified by field ID, unit/farm serial number, and date)

Automated Yield Monitoring Systems (all calibration and yield mapping requirements must be met)

Field Harvest Records (contemporaneous load records)

Appraisals / Measurements

Potential production for all types of inspections will be appraised in accordance with procedures specified in the Loss Adjustment Standards Handbook (LASH) and the Loss Adjustment Manual (LAM). Appraisals are to be made based on the intended use type reported on the acreage report. Appraised production will be used to calculate your claim if you are not going to harvest your acreage. Such appraisals may be conducted after the end of the insurance period.

End of Insurance Period (EOIP)

Coverage ends on each unit or part of a unit at the earliest of:

Total destruction of the insured crop

Harvest of the insured crop

Final adjustment of a loss on a unit

The calendar date contained in the Crop Provisions for the end of the insurance period

Abandonment of the insured crop

Harvest Price

A price determined in accordance with the Commodity Exchange Price Provisions and used to value production to count for revenue protection.

Production Weighed & Farm Stored

Production weighed with an acceptable type scale by the insured prior to storing on the farm may be used to determine production, provided the following requirements are met:

Acceptable scale types include non-portable farm scales, commercial elevator scales, and qualifying grain carts.

  1. Weighed production is reasonable for the unit
  2. If non-portable farm scales or grain carts are used, the location of the scales or grain carts used to weigh the production can be verified
  3. It can be satisfactorily verified that there is not more production in the storage structure than is shown on the corresponding weight tickets. Generally, satisfactory verification can be accomplished by visually inspecting the storage-structure contents rather than measuring the contents. The adjuster’s inspection and verification of production in each storage structure must be documented and filed in the insured’s file folder.
  4. Acceptable printed weight tickets must provide the following info:
    • Insured’s name
    • Load number or ticket number
    • Crop
    • Gross weight
    • Unit number and FSN
    • Tare weight
    • Date weighed
    • Net weight of production
    • Description of the land from which the production was harvested

Projected Price

The price for each crop determined in accordance with the Commodity Exchange Price Provisions. The applicable projected price is used for each crop for which revenue protection is available, regardless of whether you elect to obtain revenue protection or yield protection for such crop.

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