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Serving: IA

Lower Crop Insurance Premiums for Using Biotech

A new crop insurance program offers lower premiums for farmers who plant most of their corn acres with biotech hybrids.

The Federal Crop Insurance Corporation has approved a pilot program that will allow farmers who plant YieldGard Plus with Roundup Ready Corn 2 or YieldGard VT Triple on a majority of their corn acres to pay lower insurance premiums.

Western Agricultural Insurance is offering the new insurance called the Biotech Yield Endorsement. The new insurance will be available in Illinois, Indiana, Iowa and Minnesota during the pilot-program, and Western Agricultural Insurance will offer all approved insurance providers the opportunity to make BYE available to their customers.

"As a technology provider, our goal is to create technologies that help farmers consistently deliver better yields, manage their production risk and capture more value from their corn fields," said Robb Fraley, Executive Vice President and Chief Technology Officer for Monsanto Company. "This program recognizes the consistently high yields that farmers using our technologies are able to deliver. We're pleased farmers will be able to take advantage of this new insurance product."

Farmers must plant 75 to 80 percent of their corn with the Roundup Ready Corn 2 or YieldGard VT Triple technology.

No date has yet been set for implementation of the program. That will depend on available resources and the Risk Management Agency.

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