Brought to you by Farm Credit and available for Indiana and Ohio customers
Enterprise Plus gives you extra coverage to protect your farms all together and individually. By adding Enterprise Plus to your existing Enterprise Unit Crop Insurance policy, you gain additional protection for each individual unit. The protection means increased potential for claim payments based on individual yields, regardless of how your overall operation performs.
How it Works
Enterprise Plus is a supplemental policy to an Enterprise Unit policy. Enterprise Unit policies combine all farmed acres of a single crop within a county into one unit. The Enterprise Plus supplemental policy works like an Optional Unit policy, which allows for different guarantees for each individual unit.
Enterprise Plus can be added to either Revenue Protection (RP) policies or to Revenue Protection with the Harvest Price Exclusion (RP-HPE) policies that qualify for Enterprise Unit coverage. It can be added to both corn and soybean policies.
Enterprise Plus can be elected at either 10% or 5% below your Enterprise Unit coverage election.
Why Enterprise Plus
Many producers elect Enterprise Unit Coverage to gain higher guarantees for a lower price. However, it is not uncommon to have a field or two that consistently produce yields lower than the operation’s average. With Enterprise Plus, each unit is insured individually. It provides the best of both Enterprise Unit Coverage and Optional Unit Coverage, yet with an affordable price. By adding Enterprise Plus to your Enterprise Unit Policy, you can insure each unit individually and still maintain Enterprise Unit Coverage levels.
Actual Production History (APH):185 bushels per acre
MPCI Plan & Coverage: 85% Enterprise Unit Revenue Protection
Enterprise Plus Coverage Election: 75% coverage
Projected Price: $6.00
Harvest Price: $5.50
The Enterprise Unit 85% Revenue Protection Policy would not qualify for a claim payment because the overall average of this operation ($529,100) was greater than the guarantee ($523,260).
However, this producer would receive a claim payment on the Enterprise Plus policy for Unit C. Because the actual revenue generated is less than the Enterprise Plus guarantee, this producer would receive $45 an acre on the 120 acres in Unit C.
Why You Benefit
When you have Enterprise Unit coverage, all your fields in the same county are treated as one unit, creating a balance between your high and low yields. Fields that produce less may not diminish your overall average enough to trigger a claim.
However, when you add Enterprise Plus to your policy, each unit is also insured individually. So, you are eligible for claim payments on lower producing units, regardless of your overall average. Insuring each unit by itself enhances your coverage.
For more information, contact one of our Crop Insurance Specialists.