A Different Kind of Insurance Provider
Getting insurance is a great way to gain peace of mind. On that note, AGvisorPRO couldn’t feel better about bringing Global Ag Risk Solutions on board as one of our latest Tech Direct Partners.
Over the last 9 years, Global Ag Risk Solutions, (GARS), has made a name for itself by redefining what crop insurance should mean to a farmer. Government subsidized crop insurance is something that every farmer in Canada is familiar with. The idea being to insure the yield of a crop so if productivity is lower than expected, a farmer can be compensated.
While yield-based crop insurance is certainly a helpful risk mitigation tool, any high-output farmer will know that in some circumstances crop yields can be okay, while the anticipated unit-cost of production can be much higher than expected. This is a time when yield-based insurance on their own can really let a farmer down. This is why farmers have such high regard for GARS in the insurance marketplace.
Insuring Farm Revenue
At its heart, GARS’ offering is straightforward: Rather than insuring yield, GARS offers farmers revenue-based insurance. If something like hail devastates a crop, a farmer can continue forward with an input strategy based on achieving the best possible outcome. This flips the standard insurance payout paradigm, where a farmer would have to prove their yield came in below the insured threshold. It only protects the most extreme downside. With yield based insurance there’s financial risk involved in trying to save the crop, because in the end your yield could end up being too high for an insurance payout and your input costs could have skyrocketed.
With Global Ag Risk Solutions, a farmer insures their revenue instead. Ultimately this creates a floor on revenue that a farm can never go below. This means a farmer can swing for the fences, while still having a fall-back. The best part is that this revenue-based insurance works beautifully in conjunction with standard yield-based insurance. A combination of both types of insurance means you’re covered for any eventuality. The smartest approach to coverage comes from using multiple risk-management mechanisms in layers according to what’s best for a given farmer.
GARS Sells Sleep, Not Insurance
At the end of the day, farming is all about mitigating risk. There’s simply nothing anyone can do to control the weather. Farming is an industry that requires constant optimism in the face of adversity. Throughout the 2018-2019 growing seasons however, optimism in Canadian agriculture was a bit hard to come by. GARS’ team of experts believes that what they’re really selling to farmers is a reduced-stress style of farming. One of the best things about GARS’ offering is the fact that it gets tailored to each farm situation. Every farms’ unit-cost of production is different, every farmer’s financials are different, and that’s why GARS is ready to walk farmers through their process, and find the coverage that’s perfect for them.
GARS offers a full coverage option, (covers inputs and gross margin), fixed cost margin coverage (covers just gross margins), band coverage (only covers the risks you’re concerned about), a shared risk option (GARS covers a set percentage, you cover the rest), and AgWrap, (insures around AgriStability coverage).
When a farmer gets GARS, what they’re ultimately getting is peace of mind, the ability to shut off their brain at the end of a long day, and the reassurance that no matter what nature throws their way, someone has their back.
The Right Kind of Advice
AGvisorPRO’s roster of Tech Direct Partners is overflowing with diverse expertise, and we’re feeling fantastic about bringing Global Ag Risk Solutions into our network. The team over at GARS certainly sees the value in offering a custom-tailored insurance solution through a face-to-face connectivity platform. GARS is also excited for the high-touch connection offered by AGvisorPRO’s app.
Reach out to GARS’ team of representatives on AGvisorPRO, and book a session today. It’s important to note that for a given crop year, a policy must be completed by April 30th, so don’t hesitate on this. Connect with GARS today with AGvisorPRO. Get the insurance answers you need now, and then go have the best sleep you’ve had in a long time.
Any consultation received through AGvisorPRO should be considered as advice only. Users are responsible for their own decisions regardless of the advice they receive from AGvisorPRO. AGvisorPRO ©Copyright 2020. All rights reserved.