President Obama proposes cuts to crop insurance

us crop insurance program
Treasury Department investigates in...
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2017 budget plan aims to cut $18 billion in funding for the Department of Agriculture President Barack Obama has proposed a budget plan for 2017 that could have a major impact on farmers throughout the country. These farmers rely on crop insurance to protect them from the financial implications of natural disasters and underproduction, but this form of coverage has become a financial burden on the country. Obama has proposed to cut some $18 billion in funding for crop coverage offered through the Department of Agriculture over the next 10…

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Cutting the crop insurance subsidies is proving to be challenging

crop insurance rules

It is now expected that part of the reductions in subsidized coverage for growers will be repealed. Back in April, Republicans in Congress formed a new agreement in order to move ahead on a plan that was designed to create a savings of $5 trillion over the next ten years, and reductions in crop insurance subsidies were a part of this effort to balance the budget at the end of that time. However, as time has passed and the practical side of these insurance subsidy decreases plays out, it may…

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ADM to use drones to investigate crop insurance claims

commercial drones crop insurance industry news

ADM wins approval to use drones to collect crop insurance data Archer Daniels Midland Co. (ADM), a food processing and commodities provider that offers insurance coverage through captives, may soon begin using drones to investigate crop insurance claims. The ADM Crop Risk Services branch has won approval to use drones for such a purpose from the Federal Aviation Administration. This approval makes ADM one of the very few companies in the insurance industry that has managed to receive approval from the Federal Aviation Administration to use drones for a commercial…

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NFBF seeks action on crop insurance provision

crop insurance program

NFBF petitions federal agency to implement insurance provision The Nebraska Farm Bureau Federation (NFBF) is petitioning the U.S. Department of Agriculture to implement a new crop insurance provision that was introduced in the 2014 Farm Bill. The provision may help farmers in Nebraska recover from the loss of their crops due to powerful natural disasters that occurred during the spring of this year. Nebraska was struck by several hailstorms and tornadoes that caused significant agricultural damage, leaving many farmers in a precarious financial situation. 2014 is proving difficult for the…

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Crop insurance claims rapidly rise in Canada

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The flooding of farms in Saskatchewan and Manitoba is leading to massive losses of wheat and canola. The Canadian province of Saskatchewan is the largest producer of canola and wheat in the world, but it is currently seeing a massive number of crop insurance claims after its farms have experienced widespread flooding. The province is expecting that the claims will continue as many crops have already been seeded and flooded. According to the Saskatchewan Crop Insurance Corp chief executive officer, Shawn Jaques, “It’s a very large area that’s impacted, so…

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Crop insurance receives more legislative attention in the US

Corn Belt - GMO Crop Insurance program

Legislators again consider crop insurance reforms Crop insurance in the U.S. is often criticized as being a major financial drain on the federal government. This type of insurance coverage is part of the federal government’s safety net for farmers, which is meant to provide farmers with financial support in the event of natural disasters and to ensure that they have an incentive to produce crops. The country’s crop insurance program has become the target for those seeking reform, with some federal lawmakers suggesting that the program encourages farmers to adopt…

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Crop insurance subsidy limits applauded by reformers

us crop insurance program

Those in favor or restrictions of this nature gave their praise to a U.S. House of Representatives vote. Reformers for the crop insurance subsidy gave their approval to a vote that was held by the U.S. House of Representatives that would require the wealthier growers to have to pay more in order to take part in the federally subsidized program. This is also the first time that an eligibility limit has been placed on this highly expensive program. The federal crop insurance program is already costing the country $9 billion…

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