July 2010 -- Minnesota growers will be interested to hear of an all new private crop insurance product that can increase your yield coverage by up to 10% of your existing APH yield guarantee.
Earlier this month, Monsanto and ARMtech Insurance Services announced that growers may now choose an additional risk management tool with Biotech Yield Assurance for the 2011 growing season.
HIGHER YIELD / LOWER RISK: Growers who plant Genuity® Roundup Ready 2 Yield® soybeans and Genuity SmartStax™ corn typically realize higher average yields and may be eligible for the additional yield insurance coverage.
BROADER INSURANCE COVERAGE: Growers can now get more coverage for their farm because Genuity® Roundup Ready 2 Yield® soybeans and Genuity® SmartStax™ corn have the technology that gives third party insurance companies the confidence to offer broader insurance coverage.
For an incremental premium, Biotech Yield Assurance will enable eligible farmers to increase coverage by 10% of the existing yield guarantee for each insured unit that is 100% planted to Genuity® Roundup Ready 2 Yield® soybeans in the states of Illinois, Indiana, Iowa and Minnesota and each insured unit that is 95% planted to Genuity SmartStax™ and SmartStax corn in the states of Iowa and Minnesota.
“Monsanto’s trials have shown that Genuity® Roundup Ready 2 Yield® soybeans and Genuity® SmartStax™ corn are consistent in high-yield production, allowing ARMtech to insure this additional yield with the new Biotech Yield Assurance policy,” said Ted Etheredge, President of ARMtech.
“Biotech Yield Assurance policy can help address the risk gap between new high-yielding genetics and actual production history (APH) used for insurance purposes,” Etheredge added. “For example, a grower with an APH of 50 bushels and a Biotech Yield Assurance policy for Genuity® Roundup Ready 2 Yield® soybeans can bring his total unit coverage to 93.5% and insure an additional 4.25 bushels. That’s compared to a Multi-Peril Crop Insurance policy covering 85% of APH – the highest coverage possible under federal crop insurance policies today.”
Pending approval by each state’s insurance regulatory agency and a review by the Risk Management Agency, the policy will be available for 2011 as a supplement to Multi-Peril Crop Insurance products.
"We had to ask for a sign for our 0707s so people would stop asking us what kind of beans they were!
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