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tenant and crop insurance


 
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1952Ford
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Joined: 14 Oct 2012
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PostPosted: Sun Oct 14, 2012 11:31 am    Post subject: tenant and crop insurance Reply to specific post Reply with quote

I have my ground rented on shares (1/3 - 2/3). If my tenant gets a crop insurance settlement, should I as a landlord get a 1/3 of that as well? He is getting his share (2/3) of the other government program payouts (cyclical, counter cyclical, etc) on my place. Other than asking him (not so sure I trust him), how would I find out if there has been a crop insurance payout? No formal rental agreement, nothing in writing, just an old 'friend' of mine from way back.
 
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Reid1650
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PostPosted: Sun Oct 14, 2012 11:41 am    Post subject: Re: tenant and crop insurance Reply to specific post Reply with quote

Is it a total loss on the crop side? Do you split costs 1/3, 2/3? The way I look at it if he did harvest something off the ground you should get a 1/3 of that but if I had a landlord and they paid none of my crop insurance premium and I did operate on shares, which I don"t, I would not offer payment unless you paid a 1/3 of the premium on your farms insurance cost. The farmer is the one taking all the risk. Just my 2 cents Im sure there is a lot left to add.
 
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donjr
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PostPosted: Sun Oct 14, 2012 12:32 pm    Post subject: Re: tenant and crop insurance Reply to specific post Reply with quote

I would think that you would share in anything that came off the ground- that is the agreement. Being a good operator, he is trying to insure that he can pay the bills and still be here for next year. He will not cover his entire cost or may just break even. However, if it had been a great year, you would have had a greater payback due to the better yield, and he would still have had to pay the premium out of his pocket. Sometimes, you're the bug, sometimes the windshield. I realize it's hard to accept a diminished lease payment, but he also bore all of the other costs and will also recieve a lower paycheck.
 
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thurlow
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PostPosted: Sun Oct 14, 2012 1:30 pm    Post subject: Re: tenant and crop insurance Reply to specific post Reply with quote

Did you pay 1/3 of the premium?
 
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CumminsMan
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PostPosted: Sun Oct 14, 2012 1:38 pm    Post subject: Re: tenant and crop insurance Reply to specific post Reply with quote

You are only entitled to crop insurance if you took it out on your 1/3 share. Otherwise, you get nothing. I am sure your tenant only took insurance on his 2/3 share, why would he insure your third for you. Maybe you need to have a sit down meeting with your tenant and write up a contract as to what each party is responsible for. That is what I do with all my landlords before I ever start to farm the ground.
 
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IaGary



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Location: North Liberty Iowa

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PostPosted: Sun Oct 14, 2012 1:45 pm    Post subject: Re: tenant and crop insurance Reply to specific post Reply with quote

Crop insurance can only be bought by the person who has interest in the crop not the land or jointly for share cropping.

So he insured his share. Did you insure your share?

Tenant gets his 2/3's of the payment. Check with the local agent but that's the rules here.

You should carry your own insurance for your 1/3.

When you signed up for the program payments you signed a form saying you considered yourself self insured if you carried no insurance. In doing so if there were disaster payments you would not be allowed any for your share because you carried no insurance.

Gary
 
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sd pete
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PostPosted: Sun Oct 14, 2012 2:06 pm    Post subject: Re: tenant and crop insurance Reply to specific post Reply with quote

Ia Gary has it right. If you want coverage you buy it for your share.
 
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tomNE
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PostPosted: Sun Oct 14, 2012 3:31 pm    Post subject: Re: tenant and crop insurance Reply to specific post Reply with quote

you have the right to use his 'proven yield' when you purchase the amount of coverage that you want. if you change renters without ever having crop insurance. everyone starts over on proven yields. if it were me; i'd use the same insurance agent the renter uses.
 
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GeneMO
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PostPosted: Sun Oct 14, 2012 3:34 pm    Post subject: Re: tenant and crop insurance Reply to specific post Reply with quote

Coming in late, but it looks like everyone has it right.

Crop ins. is a contract. If you have 1/3 interest, then you need to buy a policy to protect your 1/3. As a general rule you can only insure your share of a crop in a county.

There are a few exceptions ( like most govt. programs)

Visit with your tenant or with a local, competent crop ins. agent.

Gene

(30 year crop ins. claims supervisor)
 
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