John Deere Insurance Company (JDIC) released a new private crop insurance policy called Added Value Protection insurance policy that protects against yield shortage. This product works side-by-side with a producer’s Multi-Peril Crop Insurance (MPCI) policy. It allows a producer to purchase additional coverage to protect a portion of their annual yield that they perceive to be more susceptible to loss.
In collaboration with BASF, JDIC also announced an optional endorsement to this new policy. It is called the BASF Risk Protection Optional Endorsement.
The BASF Risk Protection Optional Endorsement may provide reduced premium and higher coverage options for JDIC Added Value Protection policyholders. To be eligible for these benefits, customers must complete the requirements of either the BASF Risk Advantage or BASF Investment Advantage programs. This includes purchasing three BASF qualifying products for a minimum of 500 acres per insured crop from a BASF representative between October 1, 2014, and the applicable MPCI sales closing date, and applying to insured crops.
“With the long-standing relationship between John Deere Financial and BASF, this new policy was the next evolution of the value-added services we can provide customers,” says Dave DeCapp, National Sales Manager, John Deere Insurance Company.
“We are happy to announce this collaboration with John Deere and continue to help our customers manage risk, increase efficiencies and get the most out of every acre,” says Scott Kay, Vice President of U.S. Crop Protection for BASF.
Customers can contact a BASF representative or visit www.growersadvantage.basf.us to learn more about the BASF Risk or Investment Advantage Programs. Customers can also contact a John Deere crop insurance agent or call 866-404-9057 to learn more about the Added Value Protection insurance policy and BASF Optional Endorsement.
With the Added Value Protection Policy now in 31 states, JDIC began advertising the program nationally. Added Value Protection and the BASF Optional Endorsement is now offered in Alabama, Arkansas, Colorado, Delaware, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Virginia, West Virginia, Wisconsin, and Wyoming.
Pending state approvals, the coverages will also be available in Maryland, Tennessee, Texas, and Washington.