Agribusiness: Crop 1 receives approval on discount insurance coverage
Sep 1, 2005 10:52 AM, Farm Press Editorial Staff
Crop1 Insurance received notification from the USDA today of its eligibility to continue offering a premium reduction program for farmers to potentially save money through its Premium Discount Plan for the 2005 and 2006 growing season.
In 2003, Crop1 introduced the Premium Discount Plan, which has historically provided savings of up to 10 percent on all federally reinsured crop insurance programs except “CAT.” The discount amount has varied based on the coverage level and plan that the farmer selects, but historically it has averaged 8.4 percent.
“We are the only company going into our fourth year offering discount crop insurance to farmers,” said Crop1 president and CEO Billy Rose. “We have a proven record of delivering the discount as evidenced by the USDA’s verification of Crop1’s efficiencies and approval to pay farmers the discount each of the last three years. Since 2003 we have helped farmers save more than $4 million dollars.”
The Premium Discount Plan savings have historically been available to farmers without reducing or changing their existing insurance coverage. In fact, Crop1 has found that many farmers use the savings to buy added protection from Crop1 at the same cost they would pay for lower coverage with other crop insurance providers.
Small farmers have also reaped significant benefits from premium reductions as approximately 60 percent of Crop1’s farmer customers operate less than 500 acres.
The USDA also notified other companies of their eligibility to offer premium reduction plans for the 2005 and 2006 growing season.
“We are the only company that has worked to retain the farmers’ right to a premium reduction,” says Robert Boysen, chief operating officer for Crop1 Insurance. “We welcome the increased competition and stand by our track record of delivering savings each of the last three years.”
Crop1 has undergone extensive USDA reviews to validate its efficiencies and ability to deliver the stated savings.
“We knew all along that by reducing costs we could offer a discount to farmers and that was the right thing to do, and now this strategy is being validated by additional companies offering their own version of our Premium Discount Plan,” says Rose.
Crop1 also received USDA notification that it is eligible to offer the premium discount plan in 21 states – up from 15. Farmers in the following states will now be able to access the Crop1 Premium Discount Plan: Arizona, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Texas, Washington, and Wisconsin.
For more information about Crop1’s products and agents, contact Crop1 toll-free at 866-765-0552 or online at www.crop1insurance.com to locate a local CropAgent Affiliate.
e-mail: flaws@primediabusiness.com
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