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Company offers biotech crop insurance program

Agriculture.com Staff 01/28/2008 @ 10:41am

Officials with Western Agricultural Insurance Company and its affiliate, Crop1 Insurance Direct, Inc., announced recently they're offering farmers a new Biotech Yield Endorsement (BYE) product.

Approved by the Federal Crop Insurance Corporation and administered by the Risk Management Agency, BYE provides eligible farmers an opportunity to pay lower crop insurance premiums when they plant at least 75% of their insured acres within each insured unit to non-irrigated corn for grain qualifying hybrids that contain YieldGard VT TripleTM and/or YieldGard Plus with Roundup Ready Corn 2, according to company officials.

"The Biotech Yield Endorsement is really about innovation and doing what’s right for America's farmers," says Bruce Trost, executive vice president of Western Agricultural Insurance Company. "BYE can help protect America's corn farmers against increasingly complex production risks, as well as reward them with a reduced crop insurance premium and higher yield."

BYE is a pilot program available in Illinois, Indiana, Iowa and Minnesota, from where more than 50% of the corn acres harvested for grain in the U.S. originate.

Company officials add that, for most qualifying corn producers, the insurance premium can average a 14% reduction in the yield risk component or more than $2 per acre for each qualifying unit on crop insurance premium, depending on coverage level and other variables, such as a grower's Actual Production History (APH).

Officials with Western Agricultural Insurance Company and its affiliate, Crop1 Insurance Direct, Inc., announced recently they're offering farmers a new Biotech Yield Endorsement (BYE) product.

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