Gibson Insurance Group

The Risk Management Specialist

Harvest Time Reminders

  As combines begin to roll into the fields there are a few important items to keep in mind while harvesting production. From reporting production, to letting us know of a potential loss, all must be done in a timely manner to not jeopardize any losses being paid.


  If you suspect a loss of any nature, contact our office immediately. If the loss is due to quality issues such as aflatoxin, those tests must be run at the time of harvest. This makes it crucial you notify us timely so we can have an adjuster collect the needed samples from the field. If you have a potential bushel loss, we will need to collect sales tickets or have bins measured to verify the harvested production.

  Revenue protection is built into your policy, meaning there is price protection for you. This year revenue losses are likely. If we look back at our spring prices of $5.91 corn and $13.76 soybeans, these are higher than current markets. We won’t be able to calculate any revenue losses until November 1 as the harvest prices are set the month of October (corn looks at the Dec CME and soybeans looks at the Nov CME). Below is an example of how those revenue losses could potentially look, should the harvest price come in lower than the spring price.


Corn Spring Price: $5.91  

Corn Harvest Price: $4.70

Production Guarantee: 110 bu/ac    Acres: 38    

110 bu x 38 ac x $5.91=
$24,704= Spring Revenue Guarantee


Actual production: 120 bu/ac  

Acres: 38   

120 bu  x 38 ac  x $4.70= $21,432=Actual Harvested Revenue


$24,704-$21,432=$3,272= Difference in actual harvested revenue and revenue guarantee

Revenue loss pays $3,272

  As you can see in this example, you can still harvest over your guarantee and have a potential revenue loss. This all depends on what the harvest price comes in at. If you are harvesting right around your guarantee it is best practice to notify us as soon as harvest is complete so we can calculate any potential revenue losses.

Production Record Keeping

  As you can see from above, reporting your production numbers to us in a timely manner can be extremely crucial. We want to ensure that all losses are paid in a timely manner, and everyone gets paid what their policy entitles them to. In farming, every dollar counts, so don’t leave any money on the table by not filing a claim if you suspect a loss. In October you will see production reports start to arrive in your mailboxes, hang on to those for easy reporting. Once you have completed harvest (or don’t have an open claim) you can send those forms back to us. We will evaluate them to ensure there is no loss and record them in your production history. As an added service we will keep copies of your sales tickets and bin measurements. This helps give you extra peace of mind that we have a backup copy of your records saved for you.

  Reporting production from uninsured acreage is required

  If you have any uninsured acres, such as new break or double crops, you’ll need to report those bushels to us separately from your insured crops. This ensures that accurate records are kept in the case of those crops/practices becoming available for insurance.

  If you plan to do something your crops other than harvest it for grain you must contact us. You can not chop, bale, mow, destroy or abandon crop without having an adjuster give you an appraisal first. This applies to all crops, insured and uninsured.

Grain Storage

  If you have any 2022 grain left in bins, please contact us before adding 2023 production. We must measure bins with 2022 production prior to commingling 2023. If you do plan to store 2023 production in a bin or other on farm storage option, please contact us for a measurement once you have completed harvest.

  Whether you are feeding the grain or plan to sell it at a later date it is best to have an adjuster measure the bin. This record can be used for a claim or just merely to help keep records. Either way, it is best practice to have these “hard” records for crop insurance. If you do sell the grain at a later date and come up with a higher number than the bin measurement, we can replace your yield with the higher number.

  Reporting production to our office timely allows us to better serve you and make accurate assessments of your coverage for the upcoming year. The last day of the insurance period and the last day to file a claim is December 10th. Whether you still have grain in the field or have a loss you must contact us by that day. We are here to help serve you and ensure your operation is protecting every dollar.


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