Crop insurance seems complicated. What are some of the common mistakes that producers make that can cost them money?
Here are some of the most common mistakes that could cost the producer money: Underreporting your planted acreage per unit – Production to count for an insured crop is derived from all planted acreage for that crop per unit, whether you reported all of the acres in that unit or not. Therefore, if you underreport your acres your yield will be artificially inflated and you will receive a lower indemnity payment. Over reporting your planted acreage per unit – If you have over reported your acres, your production to count will be derived from all planted acreage for that crop per unit. The acreage will be reduced to the correct number of acres. Your indemnity will be slightly less due to the reduction in your total guarantee (not your per acre guarantee) and you will be refunded any overpayment of premium. Failure to report all farm Serial numbers (FSNs) planted to the insured crop – If you fail to report all of the FSNs planted to the insured crop, the unreported FSNs will not have covera
Related Questions
- Crop insurance seems complicated. What are some of the common mistakes that producers make that can cost them money?
- What are the major changes in the revised Common Crop Insurance Regulations and which insurance plans are affected?
- Why is RMA revising the Common Crop Insurance Regulations to combine these plans of insurance?
