Multi Peril Crop Insurance (MPCI)
Multi-Peril Crop Insurance (MPCI) is the general name given to crop coverage provided through the Federal Crop Insurance Corporation (FCIC). As the name suggests, these policies provide coverage to the agricultural producer for a number of naturally occurring perils.
Most MPCI policies provide coverage for loss of production. Over the last few years, products that combine yield and price coverage have been introduced. These products cover loss in value due to a change in market price during the insurance period, in addition to the perils covered by the standard loss of yield coverage.
Crop insurance policies also typically indemnify the insured person for other adverse events, such as the inability to plant or excessive loss of quality due to adverse weather. These types of coverage vary by crop due to the difference in the crop’s individual natures.