Sound Agriculture Risk Management raises questions in every farmer and rancher’s mind.
Recent changes in the 2014 Farm Bill and the way crop insurance works has left many questions unanswered in the minds of today’s farmers.
The Introduction of the 2014 Farm Bill completely changed the way that we have to think about farm finances and management. Many of the changes do not take effect until 2015 and 2016, which only adds to the confusion.
Ag Risk Management & Insurance has made it our Job #1 to be your expert for the answers to all your important questions.
Why Should I Choose AgRM&I To Help Me With My Own Risk Management Strategy?
We are unique in a few ways:
(1) We are Co-Op owned, so in reality, you own the company that is working for you.
(2) As far as we know, AgRM&I is the only place where most of the strategies can be implemented from one source.
And finally,
(3) The expertise that is available thru Ag Risk Management & Insurance is second to none at every level.
What are the Hemp Crop Insurance Program Availability Requirements?
All of the following requirements must be in place before your hemp crop is insurable.
- Must have a share in the crop
- You have at least one year of history producing the crop
- It is a type listed in the actuarial documents
- Premium rates are provided by the actuarial documents
- Must be grown under a processor contract executed by the applicable acreage reporting date
- It is grown under an official certification or license issued by the applicable governing authority that permits the production of the hemp
- It is planted for harvest as hemp in accordance with the requirements of the processor contract and production management practices of the processor
- It is planted to an adapted variety and not a variety prohibited by the applicable governing authority
For the complete Program Requirements, click here to see our comprehensive Hemp Crop Insurance Program (HCIP) Fact Sheet.
Risk Management – What is it?
Risk management is a process of identifying the risks that are associated with a particular endeavor, and taking steps to minimize the potential negative impact of those risks over a period of time.
What Should I Expect The Long Term Impact of Managing Risks To Accomplish?
At Ag Risk Management, we believe that since agriculture is a much a business as it is a way of life, most people who farm and ranch for a living would like to be as profitable as possible. If you were given the opportunity to double you income by using one of the two methods below, which would you prefer?
1. The Double-The-Efforts Approach:
You could double the size of your operation, double the amount of labor, the equipment, the input costs, and, unfortunately, the debt.
OR
2. The Work Smarter, Not Harder Approach:
You could keep everything basically the same, but invest 2-3 days per year developing and fine-tuning a risk management plan.
I short, you should expect the long term impacts of sound Risk Management to be "more productivity and financial reward from doing about you're already doing".
What Type Of Steps Are Involved in The Process?
It's a fairly simple approach:
1. Identify and prioritize risks that concern you.
2. Choose two or three primary risks to focus on.
3. Gather information and documents related to those risks.
4. Take a close look at measures already in place.
5. Develop potential improvements to the plan and communicate them.
6. Determine actions to be taken and implement them.
How Is AgRM&I Paid?
We can make any type of compensation arrangements that the producer wants. Typically, we prefer to allow the commissions that are built-in to most risk management tools pay us. If you prefer to have another person or company implement your plan, we can work out a compensation plan separately.