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…
Read MoreNew subsidy for farmers has backing from lawmakers in the farm states
Lawmakers in the farm states are making efforts to form a brand new type of subsidy that would provide farmers with protection when they face a drop in revenue. This program is unprecedented and would provide farmers with billions of dollars in future support to farmers who are currently experiencing record breaking high prices for their crops. This free insurance subsidy would give farmers with the coverage they need for “shallow crop losses” that are incurred before their paid insurance policies become effective and has the support of soybean and…
Read MoreCongress to determine the fate of crop insurance – plans for income insurance in the works
The agriculture industry in the U.S. has been battered by recent natural disasters. These events have damaged crops and, in some cases, completely demolished farmland in the Eastern states. Congress is now drafting new insurance regulations that would birth a new subsidy for farmers that have seen their livelihoods put at risk due to storms and other natural disasters. The insurance plan will help protect the income of farmers, but several insurance groups have voiced their opposition for the plan, arguing that it could encourage farmers to adopt risky practices.…
Read MoreAgriculture Secretary recommends changes to nation’s crop insurance system
Agriculture insurance is becoming a major issue in the U.S. Federal legislators are currently working on a new bill that would reform the crop insurance system, but have yet to define any major benefits that should be awarded to farmers. U.S. Agriculture Secretary Tom Vilsack has issued recommendations to lawmakers, noting that more emphasis should be put on natural disasters and other environmental factors when reforming the insurance system. Vilsack believes that farmers will benefit most from policies that help them recover from extreme flood events or severe droughts. An…
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