SUMMARY OF CHANGES FOR THE DRY BEAN REVENUE ENDORSEMENT CROP 

PROVISIONS (24-0047a) 

The following is a brief description of the technical corrections to the endorsement that will be effective for 

the 2024 crop year. Please refer to the Crop Provisions for more complete information. 

• Section 5 – 

o Replaced “great northern” in the examples to “small white” since great northern qualifies 

for revenue coverage and example uses non-revenue type. 

• Section 7 – 

o In paragraph (e) and (f), added great northern beans to subsections (e)(1), (e)(2), and 

(f). 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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24-0047a 

March 2024 

UNITED STATES DEPARTMENT OF AGRICULTURE 

Federal Crop Insurance Corporation

DRY BEAN REVENUE ENDORSEMENT 

In return for your payment of the premium for the coverage contained herein, this endorsement will be attached to 

and made part of the Common Crop Insurance Policy and the Dry Bean Crop Provisions, subject to the terms and 

conditions described herein. 

1. Applicability

(a) This endorsement operates only in those 

counties where coverage is offered in the 

actuarial documents. 

(b) You must have the Common Crop Insurance 

Policy and the Dry Bean Crop Provisions in 

force to elect this endorsement. 

(c) You must elect this endorsement in writing on 

or before the sales closing date for the first 

crop year that you wish to insure your dry 

beans under it. Thereafter, it will be subject 

to the terms of section 2(a) of the Basic 

Provisions. 

(d) Except when in conflict with this 

Endorsement, all provisions of the Dry Bean 

Crop Provisions apply. 

(e) You must insure all acreage of all types of dry 

beans in the county under this endorsement. 

(f) The whole farm unit provisions of section 34 

of the Basic Provisions do not apply under this 

endorsement. 

2. Definitions 

Business days – Monday through Friday 

excluding federal holidays. 

Buyer – Any person who is in the business of 

buying and selling dry beans. 

Harvest price – In lieu of the definition contained 

in the Basic Provisions, a price determined for 

each type in accordance with section 7 of this 

endorsement and used to value production to 

count. 

Market price – Either a value or the mid-point of a 

range of values identified as “Dry Bean Grower 

Information” or similar descriptor as published in 

the Bean Market News, a publication of the 

Agricultural Marketing Service, USDA, for a 

specific type of dry bean in a specific region. 

Offer price – A contractual offer made by a buyer 

to producers to grow and deliver a specified type 

of dry beans to the buyer at the specified price. 

Projected price – In lieu of the definition 

contained in the Basic Provisions, a price 

determined for each type in accordance with 

section 7 of this endorsement. 

3. Insurance Guarantees, Coverage Levels, and 

Prices 

(a) The term “projected price” is substituted in 

lieu of the term “price election” throughout the 

Dry Bean Crop Provisions. 

(b) In addition to the provisions contained in 

section 3(b) of the Basic Provisions, you must 

elect revenue protection for all types of dry 

beans you produce in the county. 

(c) In lieu of section 3(c)(5) of the Basic 

Provisions: 

(1) If the projected price cannot be 

calculated for a type for the current crop 

year: 

(i) Coverage for that type will be subject 

to the terms of section 7(e)(3) of this 

endorsement; 

(ii) Coverage will be provided in 

accordance with the Crop 

Provisions; and 

(iii) Notice will be provided on RMA’s 

website not later than the third 

business day in March that coverage 

is not available. 

(2) If the harvest price cannot be calculated 

for the crop year for a type for which a 

projected price was determined in 

accordance with section 7 of this 

endorsement, the harvest price will be 

equal to the projected price. 

4. Causes of Loss 

In addition to the causes of loss specified in 

section 10 of the Dry Bean Crop Provisions, 

insurance is provided against a change in the 

harvest price from the projected price, unless 

FCIC can establish the price change was the 

direct result of an uninsured cause of loss 

specified in section 12(a) of the Basic Provisions. 

5. Settlement of Claim 

(a) In lieu of the provisions of section 13(b) of the 

Dry Bean Crop Provisions, in the event of loss 

or damage covered by this endorsement, we 

will settle your claim by: 

(1) Multiplying the number of insured acres 

of each insured type, as applicable, by 

the applicable revenue protection 

guarantee (per acre); 

(2) Totaling the results of section 5(a)(1); 

(3) Multiplying the insured acreage of each 

contract seed bean type by its respective 

revenue protection guarantee; 

(4) Totaling the results of section 5(a)(3); 

(5) Totaling the results of sections 5(a)(2) 

and 5(a)(4); 

(6) Multiplying the total production to count 

of each insured type, as applicable, by 

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the applicable harvest price (see section identified as numbered in this endorsement.): 

13(d) of the Dry Bean Crop Provisions); (1) 50 acres × (1,600 lbs. production 

(7) Totaling the results of section 5(a)(6); guarantee × $0.35 harvest price) = 

(8) Totaling the value of all contract seed $28,000 revenue protection guarantee; 

bean production (see section 5(b)); (2) 25,000 pounds production to count × 

(9) Totaling the results of sections 5(a)(7) $0.35 harvest price = $8,750 value of the 

and 5(a)(8); production to count; 

(10) Subtracting the result of section 5(a)(9) (3) $28,000 - $8,750 = $19,250; and 

from the result of section 5(a)(5); and (4) $19,250 × 1.000 share = $19,250 

(11) Multiplying the result of section 5(a)(10) indemnity. 

by your share. 

The following information illustrates the effect of Example 3: You choose revenue protection with 

the insurance choices you may make for your dry harvest price exclusion, which will apply to both 

beans. You have 100 percent share in 50 acres the pinto beans and the small white beans. Both 

of pinto dry beans in one optional unit with a types will be insured under the terms of this 

production guarantee (per acre) of 1,600 pounds. endorsement. With this choice, your revenue 

You also produce small white beans located in a protection guarantee is based on the projected 

separate optional unit. price and the production to count is valued using 

the harvest price. Your indemnity will be 

You produce no other types or contract seed determined as follows (Note: The steps are 

beans. The projected price for pinto beans is identified as numbered in this endorsement.): 

$0.28 per pound and the harvest price is $0.35 per (1) 50 acres × (1,600 lbs. production 

pound. The production to count is 25,000 pounds. guarantee × $0.28 projected price) = 

Since the two types are in separate optional units, $22,400 revenue protection guarantee; 

any indemnity for the pinto beans is calculated (2) 25,000 pounds production to count × 

separately from the other type. Following are 

examples of the application of the endorsement to 

various choices you may make. 

$0.35 harvest price = $8,750 value of the 

production to count; 

(3) $22,400 - $8,750 = $13,650; and 

(4) $13,650 × 1.000 share = $13,650 

Example 1: You choose yield protection, which indemnity. 

will apply to both the pinto beans and the small 

white beans. Your price election for the pinto 

beans will be $0.28 per pound. You also choose 

100 percent of the price election. Both types will 

be insured under the terms of the Dry Beans Crop 

Provisions. This endorsement does not apply to 

you. Your indemnity will be determined as follows 

(Note: The steps are identified as numbered in the 

Crop Provisions and use the terms that apply to 

the Crop Provisions.): 

(1) 50 acres × 1,600 lbs. production 

guarantee = 80,000 lbs. production 

guarantee; 

(2) 80,000 lbs. production guarantee × $0.28 

price election = $22,400 value of the 

guarantee; 

(3) 25,000 lbs. production to count × $0.28 

price election = $7,000 value of 

production to count; 

(4) $22,400 - $7,000 = $15,400; and 

(5) $15,400 × 1.000 share = $15,400 

indemnity. 

(b) The value of contract seed bean production to 

count for each type in the unit will be 

determined as follows: 

(1) For production meeting the minimum 

quality requirements contained in the 

seed bean processor contract and for 

production that does not meet such 

requirements due to uninsured causes: 

(A) Determining the greater of the actual 

value or the harvest price per pound; 

and 

(B) Multiplying the result by the number 

of pounds of such production. 

(2) For production not meeting the minimum 

quality requirements contained in the 

seed bean processor contract due to 

insurable causes: 

(A) Determining the actual value per 

pound; and 

(B) Multiplying the result by the number 

of pounds of such production. 

Example 2: You choose revenue protection, 

which will apply to both the pinto beans and the 

small white beans. Both types will be insured 

under the terms of this endorsement. You must 

6. Written Agreements

Written agreements that alter the terms of this 

endorsement are not permitted. A written 

agreement that makes a permitted change in the 

accept 100 percent of the projected price. Since 

the harvest price is higher than the projected price, 

your revenue protection guarantee will be 

calculated using the harvest price. Your indemnity 

7. 

terms of the Dry Bean Crop Provisions will also 

apply to any type insured under this endorsement. 

Price Discovery

(a) In accordance with section 2, this section 

will be determined as follows (Note: the steps are specifies how and when the projected price 

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and harvest price will be determined. 

(b) The harvest price will not be greater than the 

projected price multiplied by 1.50. 

(c) Projected prices and harvest prices can be 

found in the Actuarial Documents. 

(d) Section 7(e)(3) applies in the case that either 

a projected price or a harvest price cannot be 

determined in the manner described in the 

following provisions. 

(e) The projected and harvest prices for a type 

within a region will be established as follows: 

(1) The projected price for the types black 

beans, dark red kidney beans, great 

northern beans, navy beans, pinto 

beans, and small red beans (see the 

actuarial documents for type availability 

in each state) will be determined by the 

following procedure: 

(A) On or before February 15 of the crop 

year, the offer price and expected 

contract volume for each of these 

types will be collected by RMA or on 

behalf of RMA; 

(B) The offer prices for each type 

provided by each buyer will be 

multiplied by the respective 

expected contract volume, 

summed, and that sum will be 

divided by the sum of the expected 

estimated contract quantities for the 

buyers that provided an offer price 

for that type; 

(C) A projected price for a type will not 

be established if: 

(1) Fewer than three buyers 

provide an offer price for that 

type; or 

(2) Three buyers provide a 

contract price but the lowest 

price is more than 25 percent 

lower than the highest price 

and the buyer with the lowest 

price has contracted for 

delivery of more than 15 

percent of the total quantity 

contracted by the three buyers. 

(D) The projected price will be 

announced no later than the third 

business day of March. 

(2) The harvest price for the types black 

beans, dark red kidney beans, great 

northern beans, navy beans, pinto 

beans, and small red beans (see the 

actuarial documents for type availability 

in each state) will be determined by the 

following procedure: 

(A) The AMS published weekly market 

price of each type for each day of 

publication during the period 

beginning with the second AMS 

market report in September and 

ending with the third AMS market 

report in December will be collected; 

(B) A market price will not be recorded 

for a date if market activity on that 

date is described with terms 

including “limited” (Ltd), “very 

limited” (V Ltd), or “Not Established,” 

or similar terms that indicate a small 

volume of sales or no sales occurred 

on that date; 

(C) A harvest price will not be 

established if there is a market price 

for fewer than 25 percent of the 

dates of publication included in the 

period defined in 2(A); and 

(D) The harvest price for a type will be 

the sum of the market prices for that 

type divided by the number of prices 

included in that sum. 

(E) The harvest price will be announced 

no later than January 15 of the 

calendar year following the 

applicable crop year. 

(3) If a projected price for any of these types 

cannot be determined as described 

herein: 

(A) The projected price will be 

determined by RMA and announced 

not later than the third business day 

of March; and 

(B) The harvest price will equal the 

projected price. 

(f) Because there is not a sufficient volume of 

contracting for types other than black beans, 

dark red kidney beans, great northern beans, 

navy beans, pinto beans, and small red beans 

(see the actuarial documents for type 

availability in each state) the procedure 

described for those types cannot be utilized 

for other types. However, revenue protection 

is still considered to be available and the 

projected and harvest prices will be 

determined by RMA. This action allows you 

to insure all types of dry beans under revenue 

protection. However, the types subject to this 

section will not have the benefit of a change 

in the harvest price relative to the projected 

price. You must elect 100 percent of the 

projected price. 

(1) In lieu of the definition of projected price 

contained in the Basic Provisions, the 

projected price shall be determined by 

RMA and shall be the higher of the 

projected price announced not later than 

the contract change date or the additional 

projected price announced not later than 

15 days prior to the sales closing date; 

and; 

(2) The harvest price shall be equal to the 

projected price for the applicable type. 

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(g) For contract seed beans only, the base price 

shall be the projected price and the harvest 

price. 

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