MKC will once again offer a revenue program designed to assist growers in managing the risk (primarily weather) associated with growing double crop soybeans.
Last year, MKC was the first in the nation to offer this one-of-its kind program when double crop soybeans weren’t traditionally eligible for federal crop insurance. At the time, the program was offered in 11 counties but has since been expanded to include 21 counties in the south and north central counties of the state.
Swiss Re Group, a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer, underwrote the program last year and is once again assuming all the risk involved with offering the 2012 program. According to Dave Spears, MKC’s Chief Marketing Officer, Swiss Re did request additional detailed information to assist in the completion of the data analysis for this year’s program. Spears commented that the variation of risk in each county created a challenge in developing the program. As a result, program costs will vary by county.
Weather will play a major role in this year’s program and could cause a cap to be placed on the number of acres enrolled per county. “Swiss Re will be monitoring rainfall throughout the month for all counties,” stated Spears. “If the outlook leans towards a drought situation, a cap may be placed on the county and no additional acres will be enrolled in the program (for that county).”
Producers have until June 30 to enroll acres in the program. Counties eligible for the program include Butler, Clay, Cloud, Cowley, Dickinson, Ellsworth, Harper, Harvey, Kingman, Lincoln, Ottawa, Marion, McPherson, Mitchell, Reno, Rice, Saline, Sedgwick, Smith, Stafford and Sumner.