Do you qualify for the new Biotech Yield Endorsement (BYE)?
The RMA recently announced the pilot Biotech Yield Endorsement (BYE) will be implemented in the states of Illinois, Indiana, Iowa and Minnesota beginning for the 2008 crop year.
The BYE will allow producers to receive a premium rate discount on crop insurance for non-irrigated corn acres planted to hybrid varieties of corn containing Monsanto’s triple-stack genetics. Triple-stack hybrid seed corn contains three specific biotech traits—YieldGard® Corn Borer, YieldGard® Rootworm, and RoundUp Ready® Corn 2—and is only marketed under the trade names of “YieldGard® Plus with RoundUp Ready® Corn 2” and YieldGard VT™ Triple.”
Producers with an individual-yield or revenue crop insurance plan (e.g., APH, RA, or CRC) will be eligible for the discount on any unit in which at least 75 percent of their corn acres are non-irrigated corn for grain planted to a qualifying corn hybrid. The average reduction in premium rates for the four pilot states is likely to be about 13 percent, when considering all policies. (This endorsement does not waive or otherwise affect the Environmental Protection Agency’s (EPA) existing refuge requirements.)
As crop insurance becomes more complicated, you need a business partner who can lead you through the ever-changing crop insurance market. Ceres Solutions has four full-time crop insurance professionals available to help determine if you qualify to receive the automatic premium discount for the BYE pilot program.
Contact a Ceres Solutions Crop Insurance Professional today:
Chris Webb (765) 426-7134
Gary Duncan (765) 366-6000
Denise Hollinger (765) 426-6254
Pat Cole (765) 585-5063