The Illinois Grain Insurance Fund remains in a good position with $7.7 million available. Established in 1983, the fund provides protection for any farmer doing business with a licensed grain dealer in Illinois says IDOA’s David Gleason.
The Illinois Grain Insurance Fund also provides grain payable coverage when an elevator fails, which amounts to 100 percent for the first 21-days after the grain is priced. That lowers to 85-percent between 21 and 160 days after the grain is priced. And after 160 days, there’s no coverage from the fund.