Farm Progress is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Corn+Soybean Digest

Group Risk Crop Insurance Premiums to Increase

Some observers are now questioning the advisability of using Group Risk Income Plan (GRIP) crop insurance policies in 2007, says Gary Schnitkey, a University of Illinois Extension farm financial management specialist.

GRIP is a crop insurance product that uses county yields in calculating revenue. It differs from other revenue products that use farm yields in calculating revenue.

“GRIP premiums will be much higher in 2007,” says Schnitkey. “A GRIP product that costs between $20 and $25 in 2006 will cost in the $40 to $45 range in 2007.

“When looking at risk position, farmers in more vulnerable positions should choose farm-level products over GRIP,” he says.

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish