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New Crops, New Insurance

A new type of insurance has popped up in central Illinois—the first of its kind in the entire country. 

by Peoria Magazine |
Hemp farmer Jason Jones of Graymont

A new type of insurance has popped up in central Illinois—the first of its kind in the entire country. Hempsurance.us launched in January with its prime offering: Hempguard, an insurance program for CBD-focused hemp growers. It is an exclusive service of The Assure Group, a respected crop insurance agency with primary offices in Peoria and Lafayette, Indiana.

Designed by hemp farmers for hemp farmers, Hempguard is currently the only comprehensive, multi-peril hemp and CBD crop insurance policy on the market, designed to protect the grower’s dry biomass and CBD levels. Other insurance programs protect only one aspect of the crop, says founder and CEO John Read, who grew up on a family farm in Illinois and has been working in the crop insurance industry for 20 years.

“We envision in the next 12 months that Hempsurance.us will be the first website offering crop insurance online directly to growers,” Read explains, adding that more Illinois farmers are moving away from traditional crops like soybeans and corn in favor of hemp. “A farmer that has a strong growing plan has the opportunity to be able to profit $5,000 to $15,000 an acre growing hemp. When you compare five acres of hemp profiting a gross of $50,000, it could take up to 600 acres or more of corn, in many circumstances, to come close to those types of profits.”

Read says the company is working with farmers across 30 states, protecting up to $15,000 per acre from drought, excess rain, hail, insect damage, frost, wind, disease and more. Learn more at hempsurance.us. PM

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