Common use of Calculation of Indemnity Clause in Contracts

Calculation of Indemnity. ‌ a. Prior to first cut Haying Being General in the Area, as determined by AFSC, an Indemnity will be calculated as follows: i. if selected by the Insured, a Premium refund on damaged acres; or ii. an Indemnity not to exceed 50 percent of the Dollar Coverage; or iii. Appraised Potential Production shall not be less than 50 percent of Coverage b. If only a portion of the total acreage is released because of damage, the appraisal will be added to the Adjusted Production from the remaining acreage. c. Once all the Harvested Production and Appraised Potential Production for the Insured is reported for the year: i. If the Insured incurs a loss from Designated Perils on or before October 15 in each year, the Indemnity for the Hay will be calculated based on full Coverage as follows: 1) If the Adjusted Production is less than Coverage but equal to or greater than 30 percent of the Expected Normal Yield for all Insured Acres (Expected Normal Yield x Insured Acres), Indemnities will be an amount equal to: [(Coverage – Adjusted Production) x Insurance Price] – Wildlife Damage Compensation Program payments 2) If the Adjusted Production is less than 30 percent but greater than 20 percent of the Expected Normal Yield for all Insured Acres, Indemnities will be Accelerated by compensating for twice the loss between 20 and 30 percent, and shall be an amount equal to: [{Coverage – (Adjusted Production – {((Expected Normal Yield x Insured Acres x 30%) – Adjusted Production) x 2))} x Insurance Price] – Wildlife Damage Compensation Program payments 3) If the Adjusted Production is less than or equal to 20 percent of the Expected Normal Yield for all Insured Acres (Expected Normal Yield x Insured Acres), Indemnities will be an amount equal to, but not exceeding; [Coverage x Insurance Price] - Wildlife Damage Compensation Program payments ii. AFSC, in its discretion, may apply the Appraised Potential Production if the Insured has not completed harvest on or before October 15.

Calculation of Indemnity. ‌ a. Prior Stage 1 on or Before June 20 (Refer to first cut Haying Being General the Benefits document) b. Stage 2 on or After June 21 i. If the Licensed Processor notifies AFSC of a loss from Designated Perils on or after June 21 and before November 30 in the Area, as determined by AFSCeach year, an Indemnity for each Insured Crop shall be calculated as follows: {[(Dollar Coverage per Acre x harvested acres) + Harvesting Allowance –Production Value] + By- passed Crop Indemnity} – Hail Endorsement payments – Wildlife Damage Compensation Program payments – (bypass fee – growers fee – GST) = award c. By-passed Crop Indemnities i. When acreage of an Insured Crop is by-passed, the Indemnity for that By-passed Crop will be calculated as follows: i. if selected by the Insured, a Premium refund on damaged acres; or ii. an Indemnity not to exceed 50 percent of the Dollar Coverage; or iii. Appraised Potential Production shall not be less than 50 percent of Coverage b. If only a portion of the total acreage is released because of damage, the appraisal will be added to the Adjusted Production from the remaining acreage. c. Once all the Harvested Production and Appraised Potential Production for the Insured is reported for the year: i. If the Insured incurs a loss from Designated Perils on or before October 15 in each year, the Indemnity for the Hay will be calculated based on full Coverage as follows: 1) If if the Adjusted Production Percentage of Acreage By-passed is less than Coverage but equal to 10%, no Indemnity is calculated for the By-passed Crop. 2) if the Percentage of Acreage By-passed is 10% or greater but less than 30 percent of 20%, then the Expected Normal Yield for all Insured Acres (Expected Normal Yield x Insured Acres), Indemnities Indemnity will be an amount equal to: [(Dollar Coverage per Acre – Adjusted Production10%) x Insurance Price] – Wildlife Damage Compensation Program payments 2number of acres By-passed 3) If if the Adjusted Production Percentage of Acreage By-passed is 20% or greater but less than 30 percent but greater than 20 percent of 30%, then the Expected Normal Yield for all Insured Acres, Indemnities Indemnity will be Accelerated by compensating for twice the loss between 20 and 30 percent, and shall be an amount equal to: [{(Dollar Coverage per Acre – (Adjusted Production – {((Expected Normal Yield x Insured Acres x 3020%) – Adjusted Productionx number of acres By-passed 4) x 2))} x Insurance Price] – Wildlife Damage Compensation Program payments 3) If if the Adjusted Production Percentage of Acreage By-passed is less than 30% or equal to 20 percent of greater, then the Expected Normal Yield for all Insured Acres (Expected Normal Yield x Insured Acres), Indemnities Indemnity will be an amount equal to: (Dollar Coverage per Acre – 30%) x number of acres By-passed ii. In no case, but not exceeding; [Coverage x Insurance Price] - for an Insured Crop, shall the combined Indemnities under any Insuring Agreement (including Hail Endorsement) and Wildlife Damage Compensation Program payments ii. AFSC, in its discretion, may apply the Appraised Potential Production if the Insured has not completed harvest on or before October 15exceed total Dollar Coverage plus Harvesting Allowance for that crop under this Contract.

Calculation of Indemnity. ‌ a. Prior to first first-cut Haying Being General in the Area, as determined by AFSC, an Indemnity will be calculated as follows: i. if selected by the Insured, a Premium refund on damaged acres; or ii. an Indemnity not to exceed 50 percent of the Dollar Coverage; or iii. Appraised Potential Production shall not be less than 50 percent of Coverage b. If only a portion of the total acreage is released because of damage, the appraisal will be added to the Adjusted Production from the remaining acreage. c. Once all the Harvested Production and Appraised Potential Production for the Insured is reported for the year: i. If the Insured incurs a loss from Designated Perils on or before October 15 in each year, the Indemnity for the Hay will be calculated based on full Coverage as follows: 1) If the Adjusted Production is less than Coverage but equal to or greater than 30 percent of the Expected Normal Yield for all Insured Acres (Expected Normal Yield x Insured Acres), Indemnities will be an amount equal to: [(Coverage – Adjusted Production) x Insurance Price] – Wildlife Damage Compensation Program payments 2) If the Adjusted Production is less than 30 percent but greater than 20 percent of the Expected Normal Yield for all Insured Acres, Indemnities will be Accelerated by compensating for twice the loss between 20 and 30 percent, and shall be an amount equal to: [{Coverage – (Adjusted Production – {((Expected Normal Yield x Insured Acres x 30%) – Adjusted Production) x 2))} x Insurance Price] – Wildlife Damage Compensation Program payments 3) If the Adjusted Production is less than or equal to 20 percent of the Expected Normal Yield for all Insured Acres (Expected Normal Yield x Insured Acres), Indemnities will be an amount equal to, but not exceeding; [Coverage x Insurance Price] - Wildlife Damage Compensation Program payments ii. AFSC, in its discretion, may apply the Appraised Potential Production if the Insured has not completed harvest on or before October 15.

Calculation of Indemnity. ‌ a. Prior Stage 1 on or Before June 20 (Refer to first cut Haying Being General the Benefits document) b. Stage 2 on or After June 21 i. If the Licensed Processor notifies AFSC of a loss from Designated Perils on or after June 21 and before November 30 in the Area, as determined by AFSCeach year, an Indemnity for each Insured Crop shall be calculated as follows: {[(Dollar Coverage per Acre x harvested acres) + Harvesting Allowance –Production Value] + By- passed Crop Indemnity} – Hail Endorsement payments – Wildlife Damage Compensation Program payments) – (bypass fee – growers fee – GST) = award c. By-passed Crop Indemnities i. When acreage of an Insured Crop is by-passed, the Indemnity for that By-passed Crop will be calculated as follows: i. if selected by the Insured, a Premium refund on damaged acres; or ii. an Indemnity not to exceed 50 percent of the Dollar Coverage; or iii. Appraised Potential Production shall not be less than 50 percent of Coverage b. If only a portion of the total acreage is released because of damage, the appraisal will be added to the Adjusted Production from the remaining acreage. c. Once all the Harvested Production and Appraised Potential Production for the Insured is reported for the year: i. If the Insured incurs a loss from Designated Perils on or before October 15 in each year, the Indemnity for the Hay will be calculated based on full Coverage as follows: 1) If if the Adjusted Production Percentage of Acreage By-passed is less than Coverage but equal to 10%, no Indemnity is calculated for the By-passed Crop. 2) if the Percentage of Acreage By-passed is 10% or greater but less than 30 percent of 20%, then the Expected Normal Yield for all Insured Acres (Expected Normal Yield x Insured Acres), Indemnities Indemnity will be an amount equal to: [(Dollar Coverage per Acre – Adjusted Production10%) x Insurance Price] – Wildlife Damage Compensation Program payments 2number of acres By-passed 3) If if the Adjusted Production Percentage of Acreage By-passed is 20% or greater but less than 30 percent but greater than 20 percent of 30%, then the Expected Normal Yield for all Insured Acres, Indemnities Indemnity will be Accelerated by compensating for twice the loss between 20 and 30 percent, and shall be an amount equal to: [{(Dollar Coverage per Acre – (Adjusted Production – {((Expected Normal Yield x Insured Acres x 3020%) – Adjusted Productionx number of acres By-passed 4) x 2))} x Insurance Price] – Wildlife Damage Compensation Program payments 3) If if the Adjusted Production Percentage of Acreage By-passed is less than 30% or equal to 20 percent of greater, then the Expected Normal Yield for all Insured Acres (Expected Normal Yield x Insured Acres), Indemnities Indemnity will be an amount equal to: (Dollar Coverage per Acre – 30%) x number of acres By-passed ii. In no case, but not exceeding; [Coverage x Insurance Price] - for an Insured Crop, shall the combined Indemnities under any Insuring Agreement (including Hail Endorsement) and Wildlife Damage Compensation Program payments ii. AFSC, in its discretion, may apply the Appraised Potential Production if the Insured has not completed harvest on or before October 15exceed total Dollar Coverage plus Harvesting Allowance for that crop under this Contract.

Calculation of Indemnity. ‌ a. Prior Stage 1 on or Before June 20 (Refer to first cut Haying Being General the Benefits document) b. Stage 2 on or After June 21 i. If the Insured notifies AFSC of a loss from Designated Perils on or after June 21 and before November 30 in the Area, as determined by AFSCeach year, an Indemnity shall be calculated as follows: [(Final Individual Normal Yield) x (Coverage Level) x (Insurance Price) x (Number of Insured Acres less Acres By-passed)] + [(Harvesting Allowance) x (Net Production)] + [(Trucking Allowance) x (Gross Production)] - [(Adjusted Production) x (Insurance Price)] - [Wildlife Damage Compensation Program payment]. c. By-passed Crop Indemnities i. When acreage of an Insured Crop is by-passed, the Indemnity for that By-passed Crop will be calculated as follows: i. if selected by the Insured, a Premium refund on damaged acres; or ii. an Indemnity not to exceed 50 percent of the Dollar Coverage; or iii. Appraised Potential Production shall not be less than 50 percent of Coverage b. If only a portion of the total acreage is released because of damage, the appraisal will be added to the Adjusted Production from the remaining acreage. c. Once all the Harvested Production and Appraised Potential Production for the Insured is reported for the year: i. If the Insured incurs a loss from Designated Perils on or before October 15 in each year, the Indemnity for the Hay will be calculated based on full Coverage as follows: 1) If if the Adjusted Production Percentage of Acreage By-passed is less than Coverage but equal to or greater than 30 percent of 10%, then the Expected Normal Yield for all Insured Acres (Expected Normal Yield x Insured Acres), Indemnities Indemnity will be an amount equal to: [(Coverage – Adjusted ProductionLevel) x (Final Individual Normal Yield) x (Insurance Price] – Wildlife Damage Compensation Program payments) x (Number of Acres By-passed)]. 2) If if the Adjusted Production Percentage of Acreage By-passed is 10% or greater but less than 30 percent but greater than 20 percent of 20%, then the Expected Normal Yield for all Insured Acres, Indemnities Indemnity will be Accelerated by compensating for twice the loss between 20 and 30 percent, and shall be an amount equal to: [{(Coverage – (Adjusted Production – {((Expected Normal Yield x Insured Acres x 30Level - 10%) – Adjusted Productionx (Final Individual Normal Yield) x 2))} x (Insurance Price] – Wildlife Damage Compensation Program payments) x (Number of Acres By- passed)]. 3) If if the Adjusted Production Percentage of Acreage By-passed is 20% or greater but less than or equal to 20 percent of 30%, then the Expected Normal Yield for all Insured Acres (Expected Normal Yield x Insured Acres), Indemnities Indemnity will be an amount equal to, but not exceeding; : [(Coverage Level - 20%) x (Final Individual Normal Yield) x (Insurance Price] - Wildlife Damage Compensation Program payments) x (Number of Acres By- passed)]. ii. AFSC, in its discretion, may apply the Appraised Potential Production 4) if the Insured has not completed harvest on Percentage of Acreage By-passed is 30% or before October 15.greater, then the Indemnity will be an amount equal to: