Live Insurance News

Crop insurance fraud detected in NC worth $21 million

February 25, 2013February 24, 2013 Marc

A North Carolina man will now be going to jail for his role in the multimillion dollar scam. A man living in North Carolina will be leaving his current home in order to take up residence in jail after having taken part in a crop insurance fraud scam that is currently estimated to have stolen approximately $21 million. The scandal has stretched over several participants but this individual has just pled guilty to his crimes. The man’s name is Jimmy Thomas Sasser, from Wilson, North Carolina. On Wednesday, he stated…

Crop insurance deadline for spring seeded plants is approaching

February 25, 2013April 30, 2013

Maryland farmers are being reminded that the last day for purchasing coverage is nearly here. Farmers in Maryland have been issued a reminder by the state’s Department of Agriculture, in order to make sure that they are aware of the fact that if they want to buy crop insurance for spring seeded crops – or alter the coverage that they already have – they will need to do so by the deadline of March 15. Some of the types of plant that are included in this coverage include soybeans, corn,…

Crop insurance payouts may come at a cost

January 24, 2013January 24, 2013 H. Cutner

As the planting season edges nearer in 2013, Nebraska is among the states that have collected the most. Among all of the states in the country, Nebraska is one of the six in which its farmers have collected crop insurance payouts worth over $1 billion due to damage that was caused by the drought last year. That disastrous growing season led to over $12.3 billion in payouts as of Monday. However, the most recent statistics that have been released by the Risk Management Agency of the federal government has also…

Crop insurance claims reach record highs in US

January 17, 2013January 17, 2013 Marc

Crop insurance payouts reach $11 billion In 2012, a severe drought struck the U.S. that quickly became the worst the country had ever seen. The drought brought intense focus to the country’s crop insurance program, which had been established to protect U.S. farmers from natural disasters. The drought caused widespread crop failures, which produced insurance claims from farmers. According to government data, the total cost of the drought, in terms of crop insurance payouts, has been tallied to be $11.581 billion. Risk Management Agency offers new look at crop insurance…

Obama signs relief bill for hurricane Sandy but that’s just the start

January 8, 2013January 8, 2013 Nordstrom

Hurricane Sandy Aid – congress to vote on more funds The $9.7 billion flood relief bill for insurance claims was signed into law by Pres. Obama while House waits to vote on a larger Sandy relief deal worth up to $51 billion. Pressure from FEMA The Federal Emergency Management Agency (FEMA) had pushed for Sandy relief, stating that without addition funding they money to help will quickly run out. The White House reports that over 100,000 claims could not be paid out without more funding from Congress. John Boehner, Speaker…

Crop insurance push made by farmers to U.K. government

January 3, 2013April 30, 2013

The National Farmers Union has estimated that last year’s rains came with a £1.3 billion price tag. The record breaking rainfall that was experienced in the U.K. in 2012 has cost farmers across the country an estimated £1.3 billion as a result of poor harvests and the more expensive price of feed for cattle that ensued, leading farmers to ask the government for crop insurance against extreme weather events. This request is meant to help the country to be able to uphold its national food security. Data from the National…

Crop insurance teetering on the “fiscal cliff”

December 17, 2012April 30, 2013

The farm bill has been pushed to help to save the protection subsidies from the axe. Lawmakers from rural areas who are concerned that the $9 billion in annual federal subsidies for crop insurance may be considered to be an easy target for cutting spending in order to avoid the looming fiscal cliff. They are now seeking a new way to compromise on the farm bill in order to continue protecting farmers. The House and Senate Agriculture Committee chairpersons had already been prepared to use a new farm bill in…