crop-hail insurance
An insurance policy, marketed and underwritten by private insurers, that
covers hail damage to insured crops. Farmers often purchase this coverage in
areas of the country susceptible to hail, particularly for high-yielding
crops. Unlike federal crop insurance, the federal government does not
subsidize crop-hail insurance. Licensed insurance agents sell it and the
premiums depend, for a large part, on past loss experience. The coverage is
township or county rated; in other words, the rate is determined by the
historical hail loss experience of that particular township or county. The
perils of fire and wind can be added to this coverage; although the
availability of these extensions varies by state and by type of crop. See
also Federal crop insurance.
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