There are currently three options for Hemp Insurance
Hail and Fire Policy
Max coverage per farm is $8,000,000, County, Township, and Range
This is an XS10 deductible policy.
To run a quote we will need to know the following:
The Counties and the Township and Ranges of the fields location. (If you don’t have these, you can send us the maps or road locations of the fields and we can get the Townships and Ranges for you. Our Crop Agents at Ferranti-Graybeal Insurance are very well versed in the field!)
What the crop is grown for, on this policy it can only be Fiber, Seed or Oil?
How much coverage per acre is needed?
This policy will cover Hail and Fire up to 100% loss. This policy also offers a 24 hour binding.
Weather Risk Mitigation Policy
Insure against weather perils linked to weather stations in the grid where your ground is located. You can select the perils such as High Temperatures, Excess Rain (causing Mold/Mildew/flood/replant), Lack of Rain, Frost/Freeze.
This policy will usually cost you between 4%-12% of total insured value of crop and is insured at the value you want covered.
To run a quote we will need the following:
What perils you want to protect against?
How long of a time frame to protect the crop?
Example: 45-60, 60-90 days starting July 1st.The premium on this policy is adjusted depending on what perils you select against and the time frame of coverage.
Hemp Revenue Protection Policy
Insure against any and all perils linked to the revenue of the crop.
Examples: high Delta-9 THC levels above 0.3% due to weather event, heat, wind, rain, hail, fire, drought, mold/mildew, frost/freeze.
This policy will usually cost you between 8%-15% of the total insured value of the crop. This policy has no limit of insurance, you can insure what you think the actual value of the crop is.
*$5,000,000 insured value @ 8% premium = $400,000
$5,000,000 insured value @ 15% premium = $750,000
This policy works the same depending on what risks you want to mitigate which will adjust the premium percent.
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.