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Crop Insurance Tools

Crop Insurance Premium Calculator

The 2024 iFarm Crop insurance Premium Calculator allows users to develop highly customized estimates of their crop insurance premiums, and compare revenue and yield guarantees across all available crop insurance products and elections for their actual farm case.

Crop Insurance Payment Evaluator

The 2024 iFarm Crop Insurance Payment Evaluator provides helpful information to producers comparing costs and risk reductions across their available crop insurance alternatives.

Price Distribution Tool

The iFARM Price Distribution Tool uses current option market prices to derive estimates of the probability distribution of prices at the expiration of an underlying corn and soybean futures contracts.

Crop Insurance Decision Tool

This program calculates premiums, evaluates insurance payments, and provides historical data useful when making crop insurance decisions for multiple crops. Estimates are for crops in midwest and southeast states. Learn more on the farmdoc Daily crop insurance archive.

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Post Application Coverage Endorsement Tool

This program calculates premiums for PACE: Post Application Coverage Endorsement Insurance.

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ECO/SCO Payment Estimator

With this program, a user can estimate payments for individual farm level crop insurance products in addition to SCO and ECO.

Crop Insurance Summary of Business Tool

This program calculates crop insurance historical use and performance back to 1996…

Cover Crop Analyzer

The cover crop project seeks to provide farmers with a practical web-based decision support tool designed to help manage cover crops in their fields. The project makes use of existing research to demonstrate the potential for cover crops, as well as providing useful information for decision making and management of this practice. It will also seek to apply future research on cover crops as results are incorporated into updates and new iterations of the tool. This remains a work in progress with a goal towards adapting with the science.

Margin Protection Tool

With this program, a user can examine the performance of margin protection insurance.

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Crop Insurance Articles

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Cotton STAX and Modified Supplemental Coverage Option: Concerns with Moving Crop Insurance from Risk Management to Income Support

The Farm Bill version reported by the House Agricultural Committee would modify Supple-mental Coverage Option (SCO), a crop insurance policy that provides county-level coverage. Be-cause the modifications proposed for SCO would make it very similar to the STAX insurance pro-gram for cotton, we evaluate the historical performance of STAX to provide indications of how modified SCO could operate.

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Farm Bill Proposals to Enhance Supplemental Coverage Option (SCO)

Both the House and Senate versions of the farm bill include proposals to modify Supplemental Coverage Option (SCO) insurance. SCO crop insurance provides county-level coverage from the selected coverage level on a farm-level crop insurance product up to a fixed maximum coverage level based on county-level results. This article examines the impacts of the SCO version proposed by the House for corn in McLean County, Illinois. Overall, increasing SCO subsidy levels seems questionable as a policy objective. At best, farmers risk management is improved marginally at high costs to the Federal government. A better focus would be on enhancing the protection of the underlying farm-level product.

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Crop Insurance Unit and Adverse Selection

Given the site specificity of crop production, adverse selection is a key crop insurance issue. Consistent with this issue, US public policy subsidizes premiums for the more aggregated enterprise and whole farm insurance units at higher rates than the less aggregated basic and optional insurance units. Nevertheless, the data and discussion in this study prompt a policy question, “Why aren’t premium subsidy rates more graduated across insurance units to reflect potential adverse selection?”

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