Farm Insurance
Whether you're running a large-scale operation or carrying on the tradition of a small family farm, Gile Insurance's farm insurance coverages are tailored to meet your farm's property and liability exposures.
Our Farm Insurance policies cover residence, personal property, barns, outbuildings, farm personal property, and personal & farm liability.
In addition to standard features, the our Premier Farm Policy includes:
- 1.) New construction coverage
- 2.) Snow Load coverage
- 3.) Flood loss to livestock coverage
- 4.) Attack of livestock coverage
- 5.) Accidental shooting of livestock coverage
- 6.) Drowning of livestock coverage
- 7.) Claims free discount (1 to 5 years)
Optional features:
- 1.) Agricultural machinery & equipment rental
- 2.) Farm extra expense
- 3.) Barn glass breakage
- 4.) Refrigerated milk spoilage
- 5.) Borrowed, rented or leased farm machinery, vehicles & equipment
- 6.) Silo unloader collision
- 7.) 5% discount on rebuilding
- 8.) Emergency produce removal
Crop Insurance
Gile Insurance offers numerous types of crop insurance to protect your farm's most valuable asset durings times of drought, hail, or natural disaster.The following is a list of the different types of polices offered through Gile Insurance:
1.) Hail Insuruance Hail insurance is private coverage purchased on crops with dollars-per-acre coverage to protect against hail and fire losses. Many companies also cover transit losses, lightning, vandalism, etc. Grain storage is in many hail contracts which can supplement or replace similar coverage in a farm owners policy. Crop Hail insurance gives you acre-by-acre protection that can be as much as the actual cash value of your crop, thereby protecting your investment and your future.
2.) Yield Protection Yield Protection policies insure producers in the same manner as APH polices, except a projected price is used to determine insurance coverage. The projected price is determined in accordance with the Commodity Exchange Price Provisions and is based on daily settlement prices for certain futures contracts. The producer selects the percent of the projected price he or she wants to insure, between 55 and 100 percent.
3.) Actual Production History(APH) This is the traditional plan that most producers have. A producer reports his past yeilds and is given a production guarantee based on his history for each "unit'. Losses are paid based on the "market price" set each year by the USDA.
4.) Catastrophic Catastrophic coverage is the lowest level of APH. Catastrophic insures 50% of production at 55% of the base price for a fee of $300 per crop. Catastrophic has no optional units and does not pay for replants. Catastrophic coverage provides very little coverage..... usually discovered at loss time.
5.) Group Risk Income Protection(GRIP) GRIP is based on the experience of the county rather than individual farms, so APH is not required for this program. A GRIP policy includes coverage against potential loss of revenue resulting from a significant reduction in the county yield or commodity price of a specific crop. When the county yield estimates are released, the county revenues (or payment revenues) will be calculated prior to April 16 of the following crop year. GRIP will pay a loss when the county revenue is less than the trigger revenue. Since this plan is based on county revenue and not individual revenue, the insured may have a loss in revenue on theirfarm and not receive payment under GRIP. The GRIP Harvest Revenue Option (HRO) Endorsement is available. This optional endorsement offers “upside” price protection by valuing lost bushels at the harvest price in addition to the coverage offered under GRIP.
6.) Group Risk Plan(GRP) Like GRIP, GRP coverage is based on the experience of the county rather than individual farms, so APH is not required for this program. GRP indemnifies the insured in the event the county average per-acre yield or payment yield falls below the insured's trigger yield. The Federal Crop Insurance Corporation (FCIC) will issue the payment yield in the calendar year following the crop year insured. Since this plan is based on county yields and not individual yields, the insured may have a low yield on their farm and not receive payment under GRP.
7.) Revenue Protection(RP) Revenue Protection policies insure producers against yield losses due to natural causes such as drought, excessive moisture, hail, wind, frost, insects, and disease, and revenue losses caused by a change in the harvest price from the projected price. The producer selects the amount of average yield he or she wishes to insure; from 50-75 percent (in some areas to 85 percent). The projected price and the harvest price are 100 percent of the amounts determined in accordance with the Commodity Exchange Price Provisions and are based on daily settlement prices for certain futures contracts. The amount of insurance protection is based on the greater of the projected price or the harvest price. If the harvested plus any appraised production multiplied by the harvest price is less than the amount of insurance protection, the producer is paid an indemnity based on the difference.