John Deere Risk Protection now offers a privately developed and reinsured supplemental insurance policy that covers the additional yield potential and value associated with hybrid rice.
It was developed in cooperation with RiceTec, Inc., the leader in hybrid rice development. The policy works with existing federally reinsured John Deere MPCI policy.
A major benefit of the new Hybrid Rice Policy is that it supplements a grower's federally reinsured and subsidized John Deere MPCI policy to provide extra coverage with minimal additional reporting. It also allows growers to cover their hybrid rice acres at a level higher than their conventional rice acres, based on an amount of their choosing.
Currently available in Texas, Arkansas, Louisiana and Mississippi, the new policy will allow rice growers to cover their hybrid rice acres up to a yield equal to 100% of their Actual Production History on a unit basis.
"We are excited to bring growers this new hybrid rice policy," says Dennis Daggett, senior vice president of operations for John Deere Risk Protection. "It not only covers additional yield potential, but it works with existing John Deere MPCI policies, which is an added convenience for our grower customers."
The new hybrid rice insurance, offered through John Deere Risk Protection, is available only from an authorized John Deere Crop Insurance agent. John Deere offers a full range of crop insurance products issued by Westfield Insurance Company, presented by professional agents who can give growers their best options.