API offers beekeepers highly customizable protection against below average precipitation. Indemnity (payment) is based on the number of colonies insured, and is triggered when precipitation for a specific area falls below historic average during a specific time period.
API is Smart: The USDA subsidizes premium amounts up to 59%, making this an affordable and beneficial tool for many beekeepers.
API is Simple: Precipitation and historic averages are determined by the National Oceanic and Atmospheric Administration (NOAA), which means data, not an adjuster, determines indemnity.
Each API policy can and should be different: Every beekeeper has a different level of risk tolerance and different goals. EastCo Group takes the time to understand these priorities first and then conducts a custom analysis to generate valuable and highly personalized data.
We understand the many details and the big picture. We walk you through the numerous decisions that must be made for each policy and then provide useful, timely policy updates throughout the year.
Number of Colonies: You can insure up to every colony you own.
Coverage Level: You can insure 70-90% of historic average precipitation. Precipitation must fall below your coverage level for a grid/interval to trigger indemnity.
Productivity Factor: You can value your colonies at 60-150% of the average* value in the county. The amount of indemnity you receive is based on the productivity factor you select.
Intervals: You choose which two-month periods to insure during the year. Choose as few as 2 and as many as 6 of the 11 possible intervals in each grid.