PHI Insurance Services, Inc.
Crop Insurance Service from an Agent with a Farmer’s Perspective
With today's unpredictable weather and volatile economic environments, risk management, which includes crop insurance, is even more important than ever to the long-term success of a farm operation.
As one of the largest crop insurance agencies in the Midwest, PHI Insurance Services, Inc., (PHIIS) works with Rain and Hail and NAU Country Insurance to provide you with the coverage you want. Our independent agents are uniquely qualified to provide you with a customized plan to serve your operations' needs.
Why Choose PHI Insurance Services, Inc.?
- As Pioneer® brand seed sales representatives and PHI Insurance Services, Inc. agents we understand agriculture and risk management. We can provide you with personalized service to match the right crop insurance product to your risk management needs. We'll help you make the most of what you plant.
- We can help you understand how to use crop insurance as a risk management tool to add value to your business.
- We specialize in crop insurance and we are trained on the latest changes in crop insurance so we can provide you with the service that you expect from Pioneer.
We will listen to your needs, your concerns and your goals for your business to assist you in developing a risk management package that can include seed genetics and crop protection as well as crop insurance.
Crop insurance can be used in many different ways to benefit your operation. PHI Insurance Services® agents bring a unique vantage point to the crop insurance equation; they understand agriculture and risk management and can provide you with a personalized crop insurance plan to match the right product to your risk management needs.
Here is a brief description of the various crop insurance products that are available.
Actual Production History (APH) policies insure producers against yield losses due to natural causes such as drought, excessive moisture, hail, wind, frost, insects and disease. This plan guarantees a yield based on the individual producer's actual production history. Prices are established by the Federal Crop Insurance Corporation (FCIC). Indemnities are paid when the value of the production to count is less than the liability.
Yield Protection (YP) policies insure producers in the same manner as Actual Production History (APH) policies, 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.
Revenue Protection (RP) policies protect insured producers against a loss of revenue caused by:
- yield losses due to natural causes, and
- revenue losses caused by a change in the harvest price from the projected price.
The projected price and the harvest price are 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.
An indemnity is due when the calculated revenue (production to count x harvest price) is less than the final revenue protection guarantee (production to count x greater of projected price or harvest price) for the crop acreage.
Revenue Protection With Harvest Price Exclusion (RP HPE) policies insure producers in the same manner as Revenue Protection polices, except the amount of insurance protection is based on the projected price only (the amount of insurance protection is not increased if the harvest price is greater than the projected price).
Area Risk Protection Insurance (ARPI) provides protection against widespread loss of revenue or widespread loss of yield in a county. Individual farm revenues and yields are not considered under ARPI and it is possible that your individual farm may experience reduced revenue or reduced yield and not receive an indemnity under ARPI. Area Risk Protection has 1 basic provision with 3 plans of insurance:
- Area Revenue Protection - A plan of insurance that provides protection against loss of revenue due to a county level production loss, a price decline, or a combination of both. This plan also includes upside harvest price protection, which increases your policy protection at the end of the insurance period if the harvest price is greater than the projected price and if there is a production loss.
- Area Revenue Protection with the Harvest Price Exclusion - A plan of insurance that provides protection against loss of revenue due to a county level production loss, price decline, or a combination of both. This plan does not provide upside harvest price protection.
- Area Yield Protection - A plan of insurance that provides protection against loss of yield due to a county level production loss. This plan does not provide protection against loss of revenue or upside harvest price protection.
Livestock policies are designed to insure against declining market prices of livestock and not any other peril. Coverage is determined using futures and options prices from the Chicago Mercantile Exchange Group. Price insurance is available for swine, cattle, lambs and milk. There are two types of plans available:
- Livestock Risk Protection - provides coverage against market price decline, if the ending price is less than the producer determined beginning price and indemnity is due; and
- Livestock Gross Margin - provides coverage for the difference between the commodity and feeding costs. If the producer determined expected gross margin is greater than the actual gross margin, an indemnity is due.
Rainfall Index (RI) is based on weather data collected and maintained by the National Oceanic and Atmospheric Administration's Climate Prediction Center. The index reflects how much precipitation is received relative to the long-term average for a specified area and timeframe. The program divides the country into six regions due to different weather patterns, with pilots available in select counties.
Vegetation Index (VI) is based on the U.S. Geological Survey's Earth Resources Observation and Science (EROS) normalized difference vegetation index (NDVI) data derived from satellites observing long-term changes in greenness of vegetation of the earth since 1989. The program divides the country into six regions due to different weather patterns, with pilots available in select counties.
Catastrophic Risk Protection Endorsement (CAT Coverage) pays 55 percent of the price of the commodity established by Risk Management Agency (RMA) on crop losses in excess of 50 percent. The premium on CAT coverage is paid by the Federal Government; however, producers must pay a $300 administrative fee for each crop insured in each county. CAT coverage is not available on all types of policies.
Crop Hail Protection (CH) is coverage that is based on a dollar amount per acre that provides protection to the insured crop on an acre by acre basis. This plan not only provides protection against hail, it also covers other types of loss that include (fire protection, fire department service charge, vandalism, transit coverage, catastrophe loss award (most coverage), replant coverage (most crops), along with others). Crop hail protection is an excellent tool that can be used to compliment your Multi-Peril Crop Insurance (MPCI) policy by filling in the gaps that your MPCI policy does not cover.
PHI Insurance Services, Inc. (PHIIS), a subsidiary of Pioneer Hi-Bred, a DuPont business, is a full-service crop insurance agency based in Johnston, Iowa. We offer coverage in the following 24 states:
Colorado, Delaware, Iowa, Illinois, Indiana, Kansas, Kentucky, Maryland, Michigan, Minnesota, Missouri, Nebraska, New Jersey, New Mexico, North Dakota, New York, Ohio, Oklahoma, Pennsylvania, South Dakota, Texas, Vermont, Wisconsin and Wyoming.
Our mission is to be the premier crop insurance agency in the areas where we do business. We will support the business objectives of our customers, our business partners and Pioneer by providing superior knowledge, education and service. We will conduct our business with the utmost honesty and integrity.
To accomplish our vision we will:
- Operate from the solid foundation provided by Pioneer's Long Look philosophy, conducting business with honesty and integrity.
- Succeed as a result of our customers', business partners' and employees' success.
- Provide the best and highest levels of education, training and support, which will ensure that our employees and business partners will set the standards for excellence in the delivery of crop insurance services.
- Strive to develop more efficient methods of delivering high quality crop insurance services for our customers through innovation and the use of technology.
- Seek new ways to meet the needs of our customers as production practices and marketing opportunities continue to evolve.
- Dedicate ourselves to assuring that our customers receive:
- Our utmost respect
- Our best effort - always
PHI Insurance Services, Inc. Corporate Offices
9161 Northpark Drive
PO Box 7052
Johnston, IA 50131-7052
Phone / Email Information
|Colorado, Nebraska and Wyoming||Justin Probst||402-266-1385|
|Delaware, Maryland, New Jersey,
New York, Pennsylvania and Vermont
|Illinois and Wisconsin||Aaron Struble||309-582-4568|
|Kansas, New Mexico,
Oklahoma and Texas
|Michigan and Ohio||Randy Barclay||419-234-1115|
|Minnesota, N. Dakota,
S. Dakota and Wisconsin
How to locate an agent near you:
- Find the crop insurance manager located near you from the above list.
- Contact PHI Insurance Services at 800-433-5597.