Farmers of North America is taking the training wheels off an insurance program that guarantees farmers 90 percent payment on the farm products they deliver.
FNA’s MarketPower Assurance program can be applied to a range of products, including grain and oilseeds.
Farmers pay an up-front fee of $50 and a premium of .65 percent of total contract value, regardless of the product sold. In return, they are guaranteed 90 percent coverage.
Insurance can be bought on a product-by-product basis or on a buyer-by-buyer basis. Coverage can be bought on small contracts, allowing producers to gain confidence in unfamiliar buyers.
FNA members qualify for re-duced premiums of .45 percent of total contract value.
Bob Friesen, chief executive officer of FNA’s Strategic Agriculture Institute, said the program gives growers added security when selling their products.