Crop Insurance Calendar

What used to be considered a fairly rare event seems far more commonplace now. Hail is a separate policy from your multiperil crop insurance coverage. Federal crop insurance covers hail damage as it relates to yield reduction, but producers can also purchase separate hail coverage for their crops from the same companies that offer federal crop insurance. As an added bonus, your hail policy can provide coverage for fire, lightning, vandalism/ malicious mischief and transit to the first place of storage. Hail insurance is based on the percent of damage received at a particular growth stage, which allows insurance companies to perform adjustments and pay indemnities during a growing season, without having to wait until harvest. Rates and coverage vary by crop and county. Keep in mind, hail insurance must be purchased before damage occurs. Below are some other important items of note regarding hail coverage. • Most hail insurance covers other perils above and beyond hail damage. Policies also cover fire, vandalism and malicious mischief, transit to the first point of storage, and stored grain coverage if you happen to have bin(s) at home. • Hail coverage is available on most any crop; even if you don’t have a Federal crop insurance option, it can generally be covered for hail.

• A customer is able to carry a Federal MPCI policy as well as a hail policy, and collect on both in the event of a loss. • Hail coverage is based on a dollar amount of coverage per acre, with premium generally quoted per $100 of coverage. For example, if someone wanted to cover their corn at $700 per acre, and the premium was 60 cents per $100 of coverage, their premium for corn would be $4.20 per acre. • One benefit to hail insurance over MPCI is that you can insure up to the total expected value of the crop, whereas on MPCI you’re limited to 85%. • Hail coverage generally has many different endorsements available, including quality en-dorsements on crops intended for fresh market, canning reject endorsements, etc. To learn more about how a hail policy works or what options are available and covered with a hail policy, contact your GreenStone crop insurance specialist today to review your options. ■

The earlier we get started on reporting your planted crop acres, the earlier we can process your reports and return for your review. It is the customer’s responsibility to report the crop that was planted in each section, the planting date and your percent share of that crop. Reporting your crop accurately and double checking everything on the Schedule of Insurance is very important. Corrections or changes cannot be made after the July 15th reporting deadline. You do not need to report to FSA before reporting your planted acres to your crop insurance specialist. If you use precision planting technology, we can save you a lot of time reporting acres. Contact your local GreenStone crop insurance team if you have any questions or would like assistance. ■

APRIL

15 Sales Close Date for Apple Tree Insurance

MAY 31

Production Reporting Deadline for all 2020 Spring Crops

Oat Acreage Report Due

Forage & Fall Wheat Premiums Billing Date

15 Spring 2021 Acreage Reports Due

JULY 1

AUGUST 15

Spring Premium Billing Date

Most producers have been there before. No matter what you do during the growing season, sometimes Mother Nature just will not cooperate, and you are anticipating that your yields may fall below your guarantee. This is never the situation you would like to be in, but that is why you purchased crop insurance to begin with. If you do find yourself in a claims situation, there are some important things to remember that can help the process go a lot more smoothly. Insurance coverage generally begins at time of application or time of planting, whichever is later. The end of the insurance period is the earlier of total destruction of the crop, final harvest of the crop, abandonment of the crop, or the end of the insurance period. (October 31st for wheat) It is the insured’s responsibility to notify the insurance company within 72 hours of the initial discovery of the damage or production loss, but no later than 15 days after the end of the insurance period, even if the crop has not been harvested. If you have a revenue protection policy and have a claim based on strictly price, the insurance company must be notified within 45 days of the harvest price announcement for the crop. The RMA is enforcing these rules and have been known to decline late filed claim requests and have even requested repayment from an insured for paid claims that were im-properly filed. Remembering these key points will help avoid any problems with your claim and make the process go that much better. As always, if you have questions based on what you’ve read, please contact your crop insurance specialist and they will be able to help you out. ■ EARLY/FINAL PLANT DATES Early and final plant dates vary by crop, county and state. Coverage levels can be reduced if a crop is planted too early or too late. Please check with your crop insurance specialist or actuarial documents for specific details and dates for your county if you are unsure about which dates apply to your policy. ■ ORGANIC CROPS As a reminder, RMA now requires all insured organic certified producers to provide a copy of their organic crop plan and organic certificate to their agent before the acreage reporting date. ■ 2021 FALL WHEAT & FORAGE CLAIMS Appraisals are required when a customer plans to do something with the crop other than harvest in the normal manner. If you do not plan to take your wheat/forage crop to harvest, we must appraise the acres prior to destruction. ■ 1ST CROP/2ND CROP If you are planning on possibly removing a first crop to plant a second, make sure you contact your crop insurance agent before doing so. You could potentially be eligible for a claim, but you may forfeit that eligibility if you act before contacting your agent to discuss your options! ■ ENTERPRISE UNITS STRUCTURE The added subsidy on the enterprise unit structure makes it an affordable option for many producers. The downside is, if you don’t end up planting the required acreage, your policy can revert back to a basic unit structure, and your premium could increase substantially. There are two requirements to qualify for enterprise units: You must farm in two or more separate sections. AND

At least 20 acres, or 20% of your individual crop acreage, whichever is less, must be planted in that second section.

Adverse spring weather has the potential to cause prevented planting which could take some producers out of enterprise unit eligibility. Make sure to contact your crop insurance specialist if you anticipate any issues with meeting the enterprise unit requirements. ■ CROP INSURANCE ALERTS! Crop Insurance Alert postcards and emails will be sent on an “as needed” basis to customers. The goal is to communicate any vital information that we receive and feel necessary to pass along to you. When you receive one, please pay attention to its message. That way, any required action on your part can be completed on a timely basis. ■

➡ Above: Chris Matsche poses with one of the farm’s 5,500 cows.

➡ Opposite Page: The farm family extends beyond the second and third generations at

Matsche Farms (Chris and Scott) and includes partners like their GreenStone relationship manager Dan Gitter.

View a highlight real video at: www.greenstonefcs.com/TaxAccountingSpring21 In 1966, Jim and Germaine Matsche started their Birnamwood, Wisconsin, farm with just two milk cows. While raising six children, they slowly grew the operation. By 2000 they were at about 300 milking cows when they added a double 24-parallel parlor and began an extensive expansion.

Tax and Accounting Services Customer Feature

By 2014 they were milking 2,200 cows three times a day, around the clock taking a toll on equipment. The family knew it would need to make some significant decisions for the future. The second generation, Scott and Carrie Matsche, are the current owners of the farm and now their three sons Chris, Ryan and Kyle, as well as Chris’ wife Heather, two nephews, Tyler and Brandon, and a niece, Nicole, are involved with the operation. Everyone is well-rounded and has their place on the farm, Heather says, from shop work and working in the fields, to tending cows and working in the office. “The old parlor was getting a lot of wear and tear,” explains Heather, who wears many hats but is mainly involved in the farm’s accounting, human resources and public relations. They investigated new technologies, including robotics, and also the idea of revamping the old parlor. Ultimately, with input from their team of experts, including their financial partner, GreenStone, they decided on building an 80-cow rotary parlor and a 4,000cow freestall barn, which was started in 2015 and operational in 2016. The barn was finished in 2017. Along with the milk cows, they raise all of their calves and heifers, as well as forages on 6,000 acres. GreenStone has been their lender since 2000. As the operation grew, Carrie says, “We went with GreenStone because our bank wasn’t big enough and GreenStone was more knowledgeable about farming.”

With the new expansion and their accountant wanting to retire, the Matsches also decided to benefit from GreenStone’s tax, accounting and payroll services. “This allows us to have everything with one company, and it streamlines operations and allows us to easily understand our current position and projections for the future,” explains Carrie, who is gradually transitioning her accounting duties to Heather. Data is entered in Quickbooks and a monthly backup is sent to Eric Vandivier, senior tax accountant out of GreenStone’s Little Chute, Wisconsin branch. “I categorize expenses and Eric reviews them to make sure everything is in the right category,” Heather says. “If there’s something wrong, it gets fixed, and sent back to us.” Vandivier says, “I look at their records