News & Events
Hail: An Umbrella Won’t Work but Insurance Might
Hail damage to crops is not breaking news to farmers and ranchers, especially in Colorado. In the United States annually, hailstorms cause approximately $1.3 billion worth of damages in the agricultural industry. Thankfully, organizations like AgRisk Advisors can help protect you from the cost of damages when hailstorms are in the forecast. Hail damage can destroy all your fields or just a portion, and unlike MPCI, a Crop-Hail policy can provide acre-by-acre coverage to insure against these perils. One thing to note, Crop Hail is a private product which means it is not underwritten or subsidized by the RMA. In addition, rates and available coverage will vary by AIP. This private product covers perils not covered by MPCI, including fire, hail, vandalism, stored grain, and wind (if the endorsement is added).
This product provides supplemental acre-by-acre protection from financial loss due to damaged or destroyed crops. It protects the insured crop from direct loss due to hail or other named perils up to the actual cash value. AIPs offer various deductible and endorsement options to meet your risk management needs, including coverage for fire department service charges, transit coverage to the first place of storage, and replanting coverage (crop specific). Crop Hail does not cover disease, insect infestation, lodging, loss of markets, or delayed maturity.
eZ-Hail/ Protector/Easy Hail/ARCH/VPA/Advantage Hail
Each AIP has a different name for this product but it works the same across the board. Like a standard crop-hail policy, this continuous hail policy provides supplemental acre-by-acre protection from financial loss due to damaged or destroyed crops. It protects the insured crop from direct loss due to Hail or other named perils up to the actual cash value.
This policy is not available in all states and must be written before July 15 of the current crop year and before any damage to the crop. As a continuous policy, coverage and endorsements will roll to the next growing season unless changes are made.
This endorsement is designed to cover the portion of the crop not covered by a yield-based insurance plan. This plan provides protection against any percentage of loss caused by hail and/or fire on a unit basis rather than a yield basis.
This policy insures direct loss to a crop caused by fire and lightning before harvest and while the crop is still in the harvester. Crops insured include wheat, barley, oats, rye, corn, grain sorghum, and soybeans in specific areas.
This endorsement is available to corn, cotton, and soybean growers who have suffered a loss to such an extent the crop had to be replanted.
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