Insurance:
Agriculture
Overview
The complexity of the crop insurance industry demands proactive as well as innovative solutions. ARMtech Insurance Services blends extensive agribusiness experience with insurance expertise and high-tech software development, providing direct and customized agriculture insurance options to agents and their policyholders. ARMtech offers traditional Multi Peril Crop Insurance (MPCI), Crop Hail, Livestock Risk Protection and other agriculture risk management products through its independent agency network.
The ARMtech Advantage
The crop insurance industry is ever-changing and with the continual enhancement of Armtech's AgriNet™ software, ARMtech is able to respond quickly with solutions. The AgriNet™ software provides a superior method of implementing underwriter guidelines, managing policyholder information and processing claims efficiently. AgriNet™ assists agents in quoting, selling and administering crop insurance policies. The AgriNet™ software, all updates and the training necessary to operate the system are free to ARMtech agents.
Target Clients
ARMtech, through a network of independent agents, targets all agricultural and ranching entities throughout the continental U.S. with products designed to manage risk on growing crops and/or price risk protection for their cattle or swine.
Products
Multi Peril Crop Insurance (MPCI)
Coverage Features:
- Provides comprehensive protection against weather-related causes of loss and certain other unavoidable perils.
- Provides protection against low yields, poor quality, late planting, replanting costs and prevented planting
- Coverage is available on over 76 crops in primary production areas throughout the U.S. at 50 to 75 percent (up to 85 percent in certain counties) of the actual production history (APH) for the farm.
- An indemnity price election from 60 to 100 percent of the Federal Crop Insurance Corporation expected market price is selected at the time of purchase.
Group Risk Plan (GRP)
Coverage Features:
- GRP is a dramatic departure from traditional approaches to crop insurance protection, with less paperwork and generally less cost than Multi Peril Crop Insurance (MPCI). The policy was developed on the basis that when an entire county's crop yield is low, most farmers in that county will also have low yields.
Revenue Insurance Plans
Group Risk Income Plan (GRIP)
Coverage Features:
- GRIP is based on the experience of the county rather than individual farms, so actual production history is not required for this program.
- A GRIP policy includes coverage against potential loss of revenue resulting from a significant reduction in the county yield or commodity price of a specific crop.
- GRIP will pay a loss when the county revenue is less than the trigger revenue. Since this plan is based on county revenue and not individual revenue, the insured may have a loss in revenue on their farm and not receive payment under GRIP.
Revenue Assurance (RA)
Coverage Features:
- RA provides revenue protection based on price and yield expectations.
- RA protects a producer’s loss of revenue resulting from low futures prices, low yields, or a combination of the two.
- Comprehensive protection is provided through a dollar guarantee based on the Chicago Board of Trade base futures price.
- RA serves as an alternative policy to other Federal Crop Insurance Corporation subsidized policies.
Crop Revenue Coverage (CRC)
Coverage Features:
- CRC provides comprehensive protection against weather-related causes of loss and certain other unavoidable perils as well as protection from fluctuation in commodity prices.
- Coverage is available on numerous crops in primary production areas throughout the U.S. at 50 to 75 percent (up to 85 percent in certain counties) of the revenue guarantee for the farm.
Policy Endorsements
- Catastrophic Insurance
- Actual Production History Based Crop Hail Coverage (an ARMtech exclusive)
- Livestock Risk Protection
- Livestock Gross Margin
- Pasture, Rangeland and Forage/Hay
- Nursery Crop Insurance
For more information on ARMtech, please visit www.armt.com
Contact Information
Sam Scheef
President
ARMtech Insurance Services
+1 806-473-0333 ext. 121
sscheef@armt.com
Locations
ARMtech Insurance Services (Headquarters)
7101 82nd Street
Lubbock, TX 79424
United States
Tel No. +1 806-473-0333
Fax No. +1 806-473-0334
ARMtech Insurance Services
107 Public Square
Batesville, MS 38606
Tel No. +1 866-578-0420
ARMtech Insurance Services
7743 Douglas
Des Moines, IA 50322
Tel No. +1 800-536-6565
ARMtech Insurance Services
660 West Locust Suite 103
Fresno, CA 93650
Tel No. +1 800-788-8313