Bloomington, Illinois
December 17, 2007
Illinois farmers who plant
corn hybrids with specific biotech traits can take advantage of
premium crop insurance rates under a pilot program available in
2008.
The U.S. Department of Agriculture’s Risk Management Agency
(RMA) this week announced the pilot Biotech Yield Endorsement
(BYE) will be implemented in the 2008 crop year. The program
provides premium crop insurance rates on seed corn with the
traits YieldGard® Plus with Roundup Ready® Corn 2 and YieldGard
VT Triple™. The pilot will only be available in Illinois,
Indiana, Iowa and Minnesota. FS Seed currently offers 13 hybrids
with YieldGard Plus with Roundup Ready Corn 2 and 20 with
YieldGard VT Triple.
“This program is a great complement to the value in planting FS
brand corn containing Monsanto triple stacked technology,” said
Dr. Dennis Garzonio, FS Seed corn product manager. “Benefits to
growers are two-fold – savings on their crop insurance as well
as greater profit opportunities at harvest time.”
Under the program, FS Seed customers who plant at least 75
percent of their grain acres with a qualifying corn hybrid will
be eligible for reduced rates on an individual yield or revenue
insurance plan at a buy-up level of coverage. During the 2008
crop year, average discounts are estimated between 13 percent
and 20 percent, depending on the type of plan the grower
chooses. Premium discounts will be reviewed and recalculated
annually based on additional field test and loss data.
COUNTRY Mutual Insurance Company will offer the discount to
Illinois producers who qualify for the Biotech Yield
Endorsements.
“RMA has yet to provide specific details for the insurance
companies who will be offering the endorsement,” said Sheri
Bane, COUNTRY director of commercial agribusiness and product
development. “COUNTRY agents will receive more information on
the pilot program as soon as RMA publishes the guidelines.”
Current Insect Resistance Management (IRM) requirements apply
for all seed corn acres planted with Monsanto triple-stacked
traits. BYE program participants remain subject to spot checks
and audits to ensure compliance.
FS Seed brands are specifically designed for Midwest corn
growers. FS Seed is a registered trademark of GROWMARK, Inc.
Additional information is available at
www.growmark.com.
YieldGard and Roundup Ready are registered trademarks of
Monsanto Technology, LLC.
For additional information contact your FS Seed crop specialist,
your COUNTRY agent or go online to
www.rma.usda.gov.
Iowa farmers who plant corn
hybrids with specific biotech traits can take advantage of
premium crop insurance rates under a pilot program available in
2008.
The U.S. Department of Agriculture’s Risk Management Agency
(RMA) this week announced the pilot Biotech Yield Endorsement
(BYE) will be implemented in the 2008 crop year. The program
provides premium crop insurance rates on seed corn with the
traits YieldGard® Plus with Roundup Ready® Corn 2 and YieldGard
VT Triple™. The pilot will only be available in Illinois,
Indiana, Iowa and Minnesota. FS Seed currently offers 13 hybrids
with YieldGard Plus with Roundup Ready Corn 2 and 20 with
YieldGard VT Triple.
“This program is a great complement to the value in planting FS
brand corn containing Monsanto triple stacked technology,” said
Dr. Dennis Garzonio, FS Seed corn product manager. “Benefits to
growers are two-fold – savings on their crop insurance as well
as greater profit opportunities at harvest time.”
Under the program, FS Seed customers who plant at least 75
percent of their grain acres with a qualifying corn hybrid will
be eligible for reduced rates on an individual yield or revenue
insurance plan at a buy-up level of coverage. During the 2008
crop year, average discounts are estimated between 13 percent
and 20 percent, depending on the type of plan the grower
chooses. Premium discounts will be reviewed and recalculated
annually based on additional field test and loss data.
“As a policy driven, volunteer membership organization, we will
continue to support any proven and successful technology which
benefits our members,” said Craig Lang, president of the Iowa
Farm Bureau.
“The BYE crop insurance feature is a ‘first-of-its-kind’ in the
insurance industry,” said Bruce Trost, executive vice president
of Western Agricultural Insurance Company. “We believe that
biotech innovations deliver real value to America’s farmers, and
are critical to their future success.” The Western Agricultural
Insurance Company (WAIC) will offer the discount to Iowa
producers who qualify for the Biotech Yield Endorsements. WAIC
is a stock-owned insurance company controlled by Farm Bureau
Mutual Insurance Company.
Current Insect Resistance Management (IRM) requirements apply
for all seed corn acres planted with Monsanto triple-stacked
traits. BYE program participants remain subject to spot checks
and audits to ensure compliance.
FS Seed brands are specifically designed for Midwest corn
growers. FS Seed is a registered trademark of GROWMARK, Inc.
Additional information is available at
www.growmark.com.
YieldGard and Roundup Ready are registered trademarks of
Monsanto Technology, LLC.
For additional information contact your FS Seed crop specialist,
your COUNTRY agent or go online to
www.rma.usda.gov. |
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