Published: February 07, 2011
WeatherBill Announces March 15 Deadline to Lock In Total Weather Insurance for 2011 Crop Season
SAN FRANCISCO & PEORIA, Ill. - (BUSINESS WIRE) - WeatherBill,
the pioneers in weather insurance and risk management, today announced
that growers have until March 15, 2011, to lock in Total
Weather Insurance coverage for full-season multi-peril protection.
"There's never been a better time to be an American farmer, but with
historically high yields and the investments required to achieve them,
individual growers often find themselves exposed to unprecedented
financial risk," said David Friedberg, founder and CEO of WeatherBill.
"According to climatology experts and data from the National
Weather Service, the 2011 crop year can expect to see a continuation
of the La Nina weather patterns that will result in greater uncertainty
heading into planting time and may impact crop production. Total Weather
Insurance enables growers to protect themselves from bad weather that
could decimate their profit for an entire season."
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WHAT:
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Total Weather Insurance (TWI) is a full-season weather insurance
program that protects growers from financial loss due to bad
weather events even when they fully utilize federal crop
insurance. TWI enables growers to lock in profits by insuring
yield shortfalls that are not covered by federal crop insurance.
Customized for a grower's specific crop, location, weather risks
and yield targets, TWI covers higher yield levels than federal
crop insurance alone. Total Weather Insurance pays automatically
when bad weather hits crops - with no claims process or paperwork
to file.
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WHY:
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For many growers, the maximum payout from federal coverage does
not cover the significant input costs that today's high-yield
farming requires. The resulting coverage gap leaves growers
painfully exposed to financial loss as the result of the weather -
the cause of 90 percent of production losses according to the
USDA. TWI enables growers to cover yields that far exceed the
Multiple Peril Crop Insurance (MPCI) guarantee level used to
determine federal crop insurance payouts. Unlike federal coverage,
TWI pays automatically every time a weather event specified in the
policy occurs and helps growers' cash flow by not requiring
premium payments on policies until harvest time.
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WHEN:
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TWI is available now to secure full-season multi-peril protection.
The deadline to adjust and finalize policies is March 15, 2011.
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WHERE:
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TWI is currently being sold in the top 17 corn and soybean growing
states. Authorized WeatherBill agents can advise on the
appropriate TWI program for individual growers and can be found at www.weatherbill.com.
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EDITOR'S NOTE:
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For local Midwest agent/grower references and additional story
resources, graphics and WeatherBill company spokespeople, contact press@weatherbill.com.
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"Despite the fact that I am maxing out my federal coverage, I am
concerned about the amount of loss that I'd have to sustain before
federal crop insurance would make a payment," said Steve Wolters, a
corn, soybean and wheat grower. "To take the sting out of potential
losses this year, I bought Total Weather Insurance because it fits like
a glove with my federal policy, covering the gap unprotected by MPCI."
About WeatherBill
WeatherBill offers affordable, accessible, easy-to-purchase insurance
policies to consumers and businesses that are impacted by weather.
WeatherBill enables the agriculture, outdoor events, travel, snow
removal, ski, energy and public works industries to manage their weather
risk by protecting revenue and controlling costs. WeatherBill insurance
is safe and reliable; all WeatherBill insurance products carry an A.M.
Best "A" rating. There is no unnecessary paperwork, no claims process
and no waiting for payment. WeatherBill is the only service that enables
customers to customize, price and buy weather insurance online in just
minutes - and get paid if bad weather happens.
Davies Murphy Group, Inc.
Joanna Horn, +1-404-343-6736
press@weatherbill.com
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