Tag: insurance for crops

Crop insurance payouts show modest damage

S.Vagus
Crop Insurance

Drought spurs moderate crop insurance payouts this year The ongoing drought that has gripped much of the U.S. may not be as economically calamitous as had been predicted, according to insurance payouts to farmers in some of the most drought-stricken states. Earlier this year, farmers had expected to lose the vast majority of their produce due to severe drought. While the drought proved to be one of the worst the country has experienced in its history, spurring the federal government to purchase stocks of fish and produce, the economic impact…

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Lawmakers clash with Obama administration over the matter of crop insurance

Federal legislators representing various agriculture committees in Congress have rejected the cuts to crop insurance President Obama unveiled in his budget plan this week. The plan looks to cut $8 billion in funding for crop insurance throughout the country. Legislators claim that this would be a major blow to many farmers, especially those in areas that are prone to seeing natural disasters. The Obama administration is keen to make cuts to crop insurance because it claims that some farmers are abusing the system, as they will be paid for their…

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Hawaii’s volcanic gases spur renewed disaster declaration for the agriculture industry

Marc

The U.S. department of Agriculture has renewed a disaster claim for Hawaii regarding lingering volcanic gasses that are causing damage to agriculture. The state is well known for its many volcanoes, which have become an attraction for tourists around the world. While the volcanoes are famously beautiful and awe inspiring, they are also the source of dangerous emissions that can kill plant life and cause serious health problems. The renewed disaster declaration concerns gasses coming from Kilauea Volcano, which began spewing fumes late last year. The declaration will allow farmers…

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Risk Management Agency pushes back deadline on crop termination, giving farmers more flexibility with their insurance coverage

The U.S. Department of Agriculture’s Risk Management Agency has announced that farmers will have more time to ensure that their crops are properly insured after an uncommonly wet spring last year. Farmers are required to terminate their cover crops in order to obtain insurance coverage for their main crops. The original deadline for this termination was scheduled for May 15 of this year. The Risk Management Agency has pushed that back to June 5. Farmers will be required to terminate their cover crops regardless of their stage of growth by…

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Understanding the insurance overlaps among crop, ACRE, and SURE coverage

A report has been released by economists from the United States Department of Agriculture (USDA) on the topic of overlaps by the various farm safety net programs, investigating the possibility for fraud by those crossovers, but determined that there was very little evidence of its occurrence. However, the hope is that the new Farm Bill will divide the programs in a way that will minimize the potential of overlaps in the future. One of the best examples of farm program complexity is ACRE. The low participation in the program is…

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