At Ferranti-Graybeal Insurance of Oregon, we’ve heard so many people ask- is there insurance for my Hemp Crop in Oregon and what does it cover?
Hemp Insurance IS available currently. This type of insurance is currently offered through Approved Insurance Providers and is a Private Product.
The Hemp Policy covers things such as:
- Hemp Oil
- Hemp Seed
- Hemp Fiber
- Damage from hail
- Damage from fire
- Malicious vandalism
- Damage from lightning
There are loss procedures that have been developed for stand reduction, defoliation, branch loss, and seed loss (for seed growers only). Just a tidbit on Stand Reduction (loss): When an adjuster goes out to work a loss on hemp the first step is to figure out the plant pattern and then to account for all the plants that should of been in the area if undamaged and then count how many plants are remaining. That is the first step then they will conduct a defoliation assessment then on to Branch loss.
The way they figure out the plant pattern: Determine the number of original plants in the nine‐square foot area and the number of surviving in that same area. Apply the original and remaining stands to a provided Table to arrive at the Percent Loss from Stand Reduction.
At Ferranti-Graybeal, we have several locations to serve you. If you have further questions, we have Hemp Crop Specialist Agents standing by to help! Please give us a call, or shoot us an email, we are always happy to help! 541.215.2412
Does my Hemp Crop need to be a certain size to be covered by Hemp Insurance? And how much does Hemp Insurance cost?
We have been asked this question more times than we can count! The answer is, yes. The detailed answer is: Yes, your farm must be at least one acre to be covered by the policy. Premium cost is determined by number of crop acres, location of the crop and your selected dollar coverage per acre.
When will the Federal Hemp Insurance Policy be available? What does the Federal Policy cover?
The Federal Policy for Hemp is currently in the works with RMA and FCIC with a projected release for the 2020 crop year. It will be a subsidized policy provided and regulated by the Federal Government.
Most likely the Federal policy will cover multiple perils like:
The Hemp Specialist Experts at Ferranti-Graybeal Insurance are very versed in Hemp Insurance. We have the dedication, knowledge, and expertise to guide you through the process of protecting your livelihood, offering excellent products and coverage to fit your budget and to make sure you have the proper coverage in place to protect you from loss.
Give us a call today! Don’t wait til it’s too late! Get the proper protection from the Experts at Ferranti-Graybeal.
541.215.2412 OR 541-276-3551