Due to the drought, numerous crop insurance claims are anticipated this fall. Reed Ihry of Ihry Insurance says those claims must be filed on a timely basis. In addition, the multiperil margin protection program is a relatively new policy that is being offered. “We just got done pricing the average price for corn, wheat and soybeans August 15th through September 14th.” Margin protection insurance provides coverage against an unexpected decline in the operating margin. The coverage is area-based, using county-level estimates of average revenue and input costs to establish coverage and indemnity payments. Margin protection insurance for the 2022 crop must be purchased before September 30.
