John Deere Insurance Company (JDIC) released a new private crop insurance policy called Added Value Protection insurance policy that protects against yield shortage. This product works side-by-side with a producer’s Multi-Peril Crop Insurance (MPCI) policy. It allows a producer to purchase additional coverage to protect a portion of their annual yield that they perceive to be more susceptible to loss.
In collaboration with BASF, JDIC also announced an optional endorsement to this new policy. It is called the BASF Risk Protection Optional Endorsement.
The BASF Risk Protection Optional Endorsement may provide reduced premium and higher coverage options for JDIC Added Value Protection policyholders. To be eligible for these benefits, customers must complete the requirements of either the BASF Risk Advantage or BASF Investment Advantage programs. This includes purchasing three BASF qualifying products for a minimum of 500 acres per insured crop from a BASF representative between October 1, 2014, and the applicable MPCI sales closing date, and applying to insured crops.
“With the long-standing relationship between John Deere Financial and BASF, this new policy was the next evolution of the value-added services we can provide customers,” says Dave DeCapp, National Sales Manager, John Deere Insurance Company.
“We are happy to announce this collaboration with John Deere and continue to help our customers manage risk, increase efficiencies and get the most out of every acre,” says Scott Kay, Vice President of U.S. Crop Protection for BASF.
Customers can contact a BASF representative or visit www.growersadvantage.basf.us to learn more about the BASF Risk or Investment Advantage Programs. Customers can also contact a John Deere crop insurance agent or call 866-404-9057 to learn more about the Added Value Protection insurance policy and BASF Optional Endorsement.
With the Added Value Protection Policy now in 31 states, JDIC began advertising the program nationally. Added Value Protection and the BASF Optional Endorsement is now offered in Alabama, Arkansas, Colorado, Delaware, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Virginia, West Virginia, Wisconsin, and Wyoming.
Pending state approvals, the coverages will also be available in Maryland, Tennessee, Texas, and Washington.
Disclosure
John Deere Insurance Company of Johnston, Iowa, issues crop insurance products through its Managing General Agent and affiliate, John Deere Risk Protection, Inc. (DBA in California as JDRP Crop Insurance Services). John Deere Insurance Company and John Deere Risk Protection, Inc. are equal opportunity providers. Coverage is subject to availability, terms and conditions. John Deere Insurance Company is not licensed or does not do any insurance business in AK, CT, D.C., HI, MA, ME, NH, NV, NY, RI, and VT. John Deere Financial is not an insurance company.
About John Deere
Deere & Company (NYSE: DE) is committed to the success of customers whose work is linked to the land, providing advanced products and services to cultivate, harvest, transform, enrich and build upon the land to meet the world’s dramatically increasing need for food, fuel, shelter and infrastructure. Visit John Deere at www.JohnDeere.com.
About BASF’s Crop Protection division
With sales of more than €5.2 billion in 2013, BASF’s Crop Protection division provides innovative solutions in crop protection, seed treatment and biological control as well as solutions to manage water, nutrients and plant stress. Its portfolio also includes products for turf and ornamental plants, pest control and public health. BASF’s Crop Protection division is a leading innovator that supports growers to optimize agricultural production, improve their business efficiency and enhance the quality of life for a growing world population. Further information can be found on the web at www.agro.basf.com or through our social media channels.
About BASF
BASF Corporation, headquartered in Florham Park, New Jersey, is the North American affiliate of BASF SE, Ludwigshafen, Germany. BASF has nearly 17,000 employees in North America, and had sales of $19.3 billion in 2013. For more information about BASF’s North American operations, visit www.basf.us.
At BASF, we create chemistry – and have been doing so for 150 years. Our portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. As the world’s leading chemical company, we combine economic success with environmental protection and social responsibility. Through science and innovation, we enable our customers in nearly every industry to meet the current and future needs of society. Our products and solutions contribute to conserving resources, ensuring nutrition and improving quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF had sales of about €74 billion in 2013 and over 112,000 employees as of the end of the year. Further information on BASF is available on the Internet at www.basf.com.