Group Risk Income Protection Coverage (GRIP)
What is it?
The Group Risk Income Protection (GRIP) insurance program is an area-based revenue insurance program that provides insurance protection against widespread loss of revenue in a county.
GRIP combines the group, or county average, yield coverage of the Group Risk Plan (GRP) with commodity exchange-based price coverage similar to the Revenue Assurance (RA) and Crop Revenue Coverage (CRC) policies.
The insured is paid in the event the county revenue falls below the insured’s trigger revenue.
GRIP is similar to GRP except revenue, rather than yield, is the basis of coverage.
Benefits
- Guarantees yield loss and down side price on county basis with less paperwork required.