| SALES: |
| Sale of
Produce (milk, eggs etc.) |
____________ |
|
| Sale of Livestock |
____________ |
|
| Sale of Grains |
____________ |
|
| Subsidies |
____________ |
|
| Other Sales |
____________ |
|
| Gross Sales |
|
(A)
____________ |
| |
| COST
OF SALES: |
| Labour |
____________ |
|
| Machinery &
Equipment Repairs |
____________ |
|
| Fuel Expense |
____________ |
|
| Building & Fence
Repairs |
____________ |
|
| Electricity &
Telephone |
____________ |
|
| Feed Purchases |
____________ |
|
| Animal Health &
Breeding |
____________ |
|
| Crop Expense |
____________ |
|
| Rents |
____________ |
|
| Taxes |
____________ |
|
| Mortgage |
____________ |
|
| Farm Loans |
____________ |
|
| Other Expenses |
____________ |
|
| |
____________ |
|
| Total Cost of
Sales |
|
(B)
____________ |
| |
|
(A)
- (B) = (C) ____________
NET FARM INCOME |
| |
| ADD BACK
IN EXPENSES THAT WILL CONTINUE IN THE EVENT OF A LOSS: |
| Labour (you want
to keep) |
____________ |
|
| Taxes |
____________ |
|
| Mortgage |
____________ |
|
| Rents |
____________ |
|
| Farm Loans |
____________ |
|
| Electricity &
Telephone |
____________ |
|
| Fuel Expense |
____________ |
|
| Feed Purchases |
____________ |
|
| Animal Health &
Breeding |
____________ |
|
| Temporary Facilities |
____________ |
|
| Other Continuing
Expenses |
____________ |
|
| |
____________ |
|
| |
____________ |
|
| Total Continuing
Expenses |
|
(D)
____________ |
| |
|
(C)
+ (D) = ____________
LOSS OF INCOME |
| |
| FACTORS
TO CONSIDER |
| ESTIMATED
DURATION OF REPAIR |
| A) What will take
the longest to replace? |
____________ |
|
| B) How long? |
____________ months |
|
Once you have calculated the estimated time it would take to
repair or replace and have determined which month is your highest
income month, calculate your farm income for that month.
THE AMOUNT
OF COVERAGE NECESSARY TO PROTECT YOUR FARM INCOME IS:
# OF MONTHS ____________ x (C + D) ____________ = LOSS OF
FARM INCOME COVERAGE REQUIRED ____________.
REMEMBER:
THE MAXIMUM AMOUNT PAYABLE IN
ANY ONE MONTH IS 25% OF THE COVERAGE PLACED
|
