The recent hail storm in central Montana is a good reminder that the process of purchasing a hail insurance policy, premium rates, and the coverage available to Montana producers has changed this year.
Producers will be contacting the State Hail Insurance Program office by mail, fax or phone to purchase a hail insurance policy. County department of revenue offices will no longer process new policies; instead they will provide information to interested parties on how to begin the process. Forms will also be available at Montana State University Extension Offices and Conservation District Offices.
Producers will be asked to fill out a worksheet to predetermine the acres they wish to insure. The form has detailed instructions. When complete, the form can be mailed or faxed to the department, or used as a reference when you contact the office by phone.
In addition to new filing procedures, growers requested the option of insuring their crops at a higher rate. The dry land rate has increased to $75 per acre and $114 per acre for irrigated land as authorized by House Bill 189 and approved by the Hail Board. The previous rates were $50 and $100 respectively.
The Hail Board also approved a five percent premium increase for the 2014 season after a record hail last year. For example, a producer with a 10 percent rate will pay a new rate of 10.5 percent.
Source - http://www.laureloutlook.com/
