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About BYE
The “Biotech Yield Endorsement” (BYE) is an approved Federal Crop Insurance Corporation pilot program that offers a premium rate reduction for non-irrigated corn grown for grain. Producers choosing to plant hybrids containing triple stacked genetics (YieldGard® Corn Borer, YieldGard® Rootworm, and Roundup Ready® Corn 2) may be eligible for a premium reduction in 2008.
Availability
The BYE is available in the states of Illinois, Indiana, Iowa, and Minnesota and can be requested through your Crop Insurance agent and Rain and Hail L.L.C. for the 2008 crop year.
Eligibility Requirements
Producers choosing to apply for the BYE will be required to purchase an individual yield (APH) or revenue insurance plan (RA or CRC) at a coverage above the catastrophic 50% level, and plant at least 75 percent of their corn acres of an insured unit to a corn hybrid containing Monsanto’s triple-stack genetics as specified by the approved endorsement. All other program requirements must be met to realize a rate reduction. Producers are reminded of their responsibility to be in compliance with other U.S. Environmental Protection Agency (EPA) refuge acre requirements. See your seed dealer for refuge planting details.
How it Works
If a policyholder meets all pilot program requirements, reports eligible units of insured corn to their Crop Insurance agent on or before their respective Acreage Reporting Date, and offers assistance if selected for mandatory review under the policy rules and regulations, Crop Insurance premiums will be reduced by the BYE rate reduction.
BYE Premium Discount
Estimated premium rate reductions range from 12% - 24% depending on a producer’s average yield history as well as the plan and level of Crop Insurance coverage elected. The discount will be a higher percentage for lower coverage level policies and lower percentage for higher coverage level policies. The premium rate reduction applies only to the yield portion of the Crop Insurance premium (excluding the revenue rate factors).
Hybrid Eligibility
Over 250 seed companies currently license and sell hybrids containing the BYE eligible trait combinations. Producers may access the list of qualifying hybrids for BYE by visiting www.biotechyieldendorsement.com. BYE is not an endorsement of any particular brand of seed. Producers should plant the type of seed that best meets their production and risk management needs. However, if producers are interested in BYE, they should contact their local Rain and Hail L.L.C. crop insurance agent regarding BYE terms and conditions.
Responsibilities
Producer MUST
- Plant at least 75 percent of their insured unit corn acres that will be harvested for grain to a hybrid containing triple stacked genetics (YieldGard® Corn Borer, YieldGard® Rootworm, and Roundup Ready® Corn 2)
- Complete the Insured and Seed Dealer certification forms
- Report those insured units meeting the BYE eligibility requirements to their Crop Insurance agent on or before their applicable acreage reporting date
- Assist Crop Insurance company representatives when or if selected as a random review under the BYE rate reduction program
Seed Dealer MUST
- Supply the Monsanto Technology Stewardship Agreement number
- Certify the state, county, seed company, seed hybrid and volume of qualifying seed purchased by the insured entity (minus returns)
Insurance Agent MUST
- Accept all completed insured and seed dealer certification forms
- Assist insured’s in completing the acreage reporting process
including the BYE information - Process/report acres, plant dates and “BY” option by insurance
unit for Crop Insurance purposes
Crop Insurance Company MUST
- Process policyholder acreage reports and apply qualifying BYE
rate reductions by insurance unit - Produce summaries of insurance coverage for policyholders
- Complete timely random reviews of qualifying BYE policies as
dictated by the Federal Crop Insurance Corporation (FCIC) and
the Biotech Yield Endorsement
2008 BYE Pilot Sates
Iowa, Illinois, Indiana, and Minnesota.
02/08
