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Crop Insurance
The London Tobacco Market sells crop insurance. LTM Crop Insurance sells insurance for all crops, including tobacco, corn and other farm crops. There are two types of tobacco insurance policies.
Multiple Peril Crop Insurance is an insurance policy designed to protect tobacco growers and producers from a crop loss. The policy is written to provide a guarantee on your crop. The guarantee is calculated based upon the actual pounds of production history of your crop.
Multiple Peril Crop Insurance covers most all insurable causes of loss, and are stated in the policy provisions of each policy. Examples of insurable causes of loss are:
- Adverse weather - too dry or too wet
- Plant disease - includes black shank and blue mold
- Insects - aphids, cut worms, hornworms, etc.
- Wildlife damage
- Earthquake
The deadline to sign up for Multiple Peril Crop Insurance is March 15. The deadline to sign up for the Catastrophic coverage (CAT) policy is April 15. Your tobacco crop must be set by July 1 and your crop report is due July 15 in order for your insurance to be effective.
You can purchase different levels of coverage under the Multiple Peril Crop Insurance Policy. Each level of coverage provides an additional level of guarantee on your crop. The example below is for Laurel County. Call us for the crop insurance rates in your county.
| Coverage Level |
Coverage Per 1000 lbs |
Laurel County cost per 1000 lbs |
| |
||
| 50% | $860 | $60.00 (covers all pounds) |
| 55% | $946 | $13.52 per 1,000 pounds |
| 60% | $1,032 | $18.85 per 1,000 pounds |
| 65% | $1,118 | $21.95 per 1,000 pounds |
| 70% | $1,204 | $33.47 per 1,000 pounds |
| 75% | $1,290 | $50.90 per 1,000 pounds |
Anyone who borrows money to grow a crop needs to have enough insurance to cover their borrowed money at the end of the year.
Payment for crop insurance is due January 1 after the growing season, so payment for crop insurance can be taken out of your tobacco check when your crop sells and then we send in the payment for you.
London Tobacco Market Crop Insurance also sells Wind, Hail and Theft insurance. These
policies can be bought any time during the year, including the summer. The only
requirement is there cannot be a claim within the first 48 hours after the policy is
bought.
This policy covers any loss that is a result of:
- Wind
- Rain
- Hail
- Fire
- Theft
Kathy Dotson keeps up with all the insurance policies and papers. If you need a quote on a policy or need help with your current policy, please call Kathy at the London Tobacco Market. If you have a crop insurance policy now, but would rather we take care of it, just give us a call and we will be glad to take care of you. We will be glad to take care of your current policy, if you will just let us know.
Kathy Dotson
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