Live Insurance News

Small farmers may find large benefit from new crop insurance program

October 23, 2014October 21, 2014 Julie Campbell

Ranchers and growers in North Dakota who were previously unable to find coverage will soon have new options. In North Dakota, small farmers and ranchers have either struggled to find crop insurance coverage or who have been completely unable to purchase a policy will now be able to take advantage of a new program option for 2015. Previously, growers that were not large enough of any given crop may not have qualified for farm insurance. Until now, smaller producers, such as specialty vegetable growers and organic farms, such as those…

Crop insurance could cease to be offered by Deere

October 3, 2014September 30, 2014 Julie Campbell

The company is reviewing its options in offering this protection as it works to stay on top of a struggling industry. Deere has been selling crop insurance for eight years, but is now reviewing this part of its business and is considering withdrawal from that market as the well recognized tractor and farm equipment manufacturer continues its struggle in a farm economy that seems to be refusing to recover. The company has stated that it intends to review strategic options when it comes to this coverage unit. That said, Deere…

Crop insurance claims are starting to be submitted for damaged wheat

September 18, 2014September 15, 2014 H. Cutner

Farmers in many areas have found their fields struck by frost, causing considerable issues for harvest. The crop insurance claims have now started to be filed in higher numbers as a result of the wheat that has been damaged by the frosts that have struck several parts of the country, and many agents feel that the numbers will continue to climb. Some agents think that this year will see a higher number of claims of this nature than other years. North Dakota was especially affected by the recent frosts. While…

Crop insurance claims already increasing in Canada

August 5, 2014August 2, 2014 H. Cutner

As another summer comes with devastating flooding, farmers are already contacting their insurers. As farmers begin to have the opportunity to see how much of their land has been affected by flooding in Saskatchewan, Canada, they are submitting their crop insurance claims on an increasing basis. It is believed that the full impact of the flooding throughout Saskatchewan will not be known until the fall. According to Rae Groeneveld, from the Saskatchewan Crop Insurance Corporation, by July 29, there had already been 792 claims submitted, pre-harvest. He explained that “A…

Climate Change and the Insurance Industry

August 2, 2014August 1, 2014 Note From The Editor

Climate change is a controversial issue, but mostly because of political and philosophical beliefs. The insurance industry has been well aware of the potential impact a changing climate can have on the global environment and has been encouraging efforts to mitigate this impact. Climate change has the potential to bankrupt the insurance industry, as the phenomenon would be responsible for the increasing frequency in major natural disasters that disrupt the global economy and put a strain on the world’s resources. The insurance industry has been working to steel itself against…

Crop insurance gets a boost from the USDA in 2014 Farm Bill

August 1, 2014July 31, 2014 H. Cutner

The U.S. Department of Agriculture has now announced broader options for farmers and ranchers. The USDA has now announced that it will continue with the implementation of the 2014 Farm Bill that are designed to increase the coverage options for crop insurance for farmers and ranchers. Among the new provisions that is going to be added is the Supplemental Coverage Option (SCO). That provision will be available through the federal crop insurance program and will be administered by the Risk Management Agency (RMA). It is expected to become effective during…

NFBF seeks action on crop insurance provision

July 23, 2014July 21, 2014 Nordstrom

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…