FMH Ag Risk Insurance Assigned Patent for Insurance Product Associated with Risk Management on Application

ALEXANDRIA, Va., Oct. 14 -- FMH Ag Risk Insurance, West Des Moines, Iowa, has been assigned a patent (No. 11,144,995, initially filed Oct. 21, 2004) developed by two co-inventors for an "insurance product associated with risk management on the application of crop inputs." The co-inventors are Yanhong Ochs, Waterloo, Iowa, and Shawn James McComb, Algonquin, Illinois.

The full-text of the patent can be found at https://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PALL&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.htm&r=1&f=G&l=50&s1=11,144,995.PN.&OS=PN/11,144,995&RS=PN/11,144,995

The abstract states: "An insurance product comprises a crop risk insurance policy component that insures against risk of loss for at least drought. An endorsement assembly is associated with the crop risk insurance policy component. The endorsement assembly comprises a grower compliance requirement, a right of payment, and ancillary terms and conditions. The grower compliance requirement requires a grower to comply with a qualified crop input plan for a particular crop in a field. The right of payment is contingent upon a first yield per unit land area of the particular in the field less than second yield per unit land area of a geographic area by more than a threshold amount. The geographic area covers a greater area than the field and is representative of at least one of the soil characteristics and the climate associated with the field. The right of payment is contingent upon compliance of the grower with the ancillary terms and conditions."

Written by Jayanti Behera; edited by Sudarshan Harpal.