As we begin working towards a couple of our largest sales closing dates in the upcoming months, 2/28 and 3/15, we would like to take this opportunity to provide helpful information regarding application requirements in addition to entity information.
When completing an application form and/or a policy change form, it is crucial that the following items are verified prior to submission to eliminate potential errors/issues being found at a later date:
- Named Insured (this does not extend out to any other person having a share or interest in the crop)
- Tax Identification Numbers for the grower and any SBIs as applicable to the policy
- Entity Type
- Coverage information, including options
- All the Conditions of Acceptance Question must be answered, and additional documentation submitted if applicable
- Articles of Incorporation must be included with the application, if applicable to the entity type
- A Partnership Statement must be included with the application, if applicable to the entity type
- Landlord/Tenant must be clearly indicated on the application, if applicable to the policy
- Valid signatures must be provided (if applicable, a POA must be included with the application and be properly signed and dated with crop insurance authority indicated on the form )
- Valid dates must be provided
To further aid you in processing applications, a link to the General Standards Handbook (GSH), which contains the Person Type and Documentation chart in Exhibit 2 is listed below. This is a quick way to reference how names are required to reported on the application per specific entity type, what signatures are valid per specific entity type, what, if any, additional documentation is required to be submitted with the application and required ID numbers per specific entity type.
Please keep in mind that while Exhibit 2 is a great reference tool to use, it is just a summary. If you should have additional questions, refer to the actual language contained within the GSH that outlines the specific details for each entity type. Use of the handbook and Exhibit 2 is the best way to ensure that incorrect person types and entity issues don’t arise during the verification of a claim when potentially some of the errors cannot be resolved that late in the year. ProAg looks forward to working with you in 2022 and providing exceptional customer service and valuable tools to ensure your success.