global ag risk solutions

[Guest]

I know this has been discussed previously , but am just interested to know how this insurance plan is working out ,now that its been around for a while ? Are farmers happy with it ? Staying in ? Getting out ? I am interested in this product and would appreciate any feedback.

[Richard5]

You still are only able to insure 100 over you gross margin. As I see it, for most, it still doesn't make a lot is sense

[bgmb]

Way too expensive for what you get. The only reason you would need this is if you are highly leveraged and if you are that leveraged then you probably cant afford the extra expense in your operation. I personally think you are crazy to pay for this when we have crop ins and agristability that basically do the same thing.

[freewheat]

Plus you had better fit their idea of a "good farmer". If you have had tough luck, you are not a good enough farmer.

I am sure Wigmore would have fit their good farmer ideal. Are they on the creditor list?

You have to have had a track record of good weather fortune in other words to even think about applying. I went to their website and their description of services immediately disqualified me and many.

[hobbyfrmr]

Do they use the term " progressive" farmer anywhere on the website? That automatically disqualifies my farm

[freewheat]

lol. I forget the wording, but I do think it was something along those lines. Going to take a look again.

[seabass]

We were in it one year and paid a big premium to someone who got a helluva holiday at my expense. I think its the same as agristability in the aspect that u can apply or pay to see if u will get something and in the end never get a dime.

[Richard5]

You also need very good accrual financial statements and good financial history or your premium is very high.

I agree with the one post about last resort to take this insurance.

Kinda like those that are using input capital financing. If you have to turn to that, that means your banking options are not closed.

May as we'll send the whole line to Ritchie bros.

[farmaholic]

Hobby;

Progressive doesn't mean profitable in my dictionary.

[hobbyfrmr]

Farmaholic

Agreed. You may want to read the thread about the letter to creditors for one of the most progressive farms in western Canada.
By choosing the organic model, I am usually regarded as "regressive"..... I'm cool wth that.

[hobbyfrmr]

The reality is that I do not keep books well. That would disqualify me from that particular program and if I did the right math, opportunity cost of rent (what the neighbors are paying), depreciation, machinery replacement, pretty good chance I should not be farming either!

[mbratrud]

The only expenses they really care about are seed, Fert, Chem. If you have good records of that and your Gross revenue, they should be able to quote you. If your Revenue less seed,fert,chem Olympic averages over 200 per acre you should get an reasonable quote I think.

I have yet to use this program, but on my farm a grow 6 - 8 different crops, and I have found Crop insurance at 80% across the board, about the same cost. I have a better level of comfort knowing I have coverage if 1 crop does poor vs having to have the whole farm tank for coverage to kick. The program maybe has a better fit on a farm growing 2 or 3 crops that has poor crop insurance coverage.

I think it's worth the time and effort for each farm to explore and compare this type of insurance. Someday if they have better coverage and take in things like Fuel I may revisit.

[SASKFARMER3]

Im going to a meeting in Dec. Will see them. We grow 5 to 6 crops and all land is very close together. Hail and crop ins seem to work some what.

[mbratrud]

The only expenses they really care about are seed, Fert, Chem. If you have good records of that and your Gross revenue, they should be able to quote you. If your Revenue less seed,fert,chem Olympic averages over 200 per acre you should get an reasonable quote I think.

I have yet to use this program, but on my farm a grow 6 - 8 different crops, and I have found Crop insurance at 80% across the board, about the same cost. I have a better level of comfort knowing I have coverage if 1 crop does poor vs having to have the whole farm tank for coverage to kick. The program maybe has a better fit on a farm growing 2 or 3 crops that has poor crop insurance coverage.

I think it's worth the time and effort for each farm to explore and compare this type of insurance. Someday if they have better coverage and take in things like Fuel I may revisit.

[gustgd]

We've been involved for three years now. Happy with program. Never been in a situation where we've had to collect. Hope I never will be.

Mbratrud is right about seed fert and chem.

If you don't have those expenses as an organic farmer Hobby probably not the program for you.

You can pick any margin between 0 and $100
There's a sweet spot at $75

On our farm we don't use crop insurance other than 50% on durum that also got us some unseed acres money this year.

Although all our durum had fusarium this year with the yield we had it was still NO claim. CI is a YEILD insurance NOT a margin insurance different products

Fully invested in Agri-invest for the top up, and Agri-stability for all the good it does.


They can provide a pretty good quote based on your Agristability paperwork but like at the bank if you have better financials and can prove you are less of a risk, you get better rates. If you show up at either with the shoe box expect to pay more.

Well time to pick up the kids at dance. Will reply to more later