Alberta/Fall Calculations Crop Insurance Coverage Prices

[charliep]

Just a note to Alberta farmers who have crop insurance and are in a claims situation. Your fall based coverage prices are likely well above those established last winter (more than the 10 % required). Your coverage per acre will go up to reflect the increase in market prices under the variable price benefit.

[mcfarms]

Charlie
Because I am too lazy to look it up does the claculation reflect on hail endorsement payments through afsc as part of crop ins not straight hail but the endorsement ?
Thank Dick for sharing by the way.

[charliep]

Called AFSC and asked your question. Hope I get right.

You are paid out on hail insurance first and then if there is anything left over on crop insurance. You do qualify for variable price benefit on your hail claim.

Example. You have $100,000 worth of hail insurance coverage and hailed to 50 % damage ($50,000). Paid here first. Variable price benefit kicks in at 20 % increase in coverage on your hail insurance. You would get an extra hail insurance payment of $10,000. Will let you work out the permutations and combinations of additional crop insurance coverage payments but could be up to the total of $120,000 (adjusted for VPB). Paid out after reducing by the hail insurance claim.

Hopefully I got this right.

[mcfarms]

Thanks
Thought others might be wondering too so thought I'd ask.

[charliep]

No problem. No need to share. Next year, you can have all the hail.