House and Senate Farm Bills Expose Different Approaches to Crop Insurance
ProAg - Crop Insurance Provider
by lessingflynn
1d ago
The House and Senate Farm Bills reflect differing priorities. The House Bill leans toward production ag while the Senate Bill prioritizes food stamp/TFP, conservation and CCC program changes. How will these differing priorities impact crop insurance? The House Farm Bill and the Senate Farm Bill increase premium support for producers for 10 years. From there, the similarities begin to diverge. These are the key differences in the current House and Senate Farm Bills: House Farm Bill Encourages research and development on improved risk management tools for specialty crops. Increases SCO and WFR ..read more
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House and Senate Roll Out Competing Farm Bill Plans
ProAg - Crop Insurance Provider
by lessingflynn
2w ago
There is finally movement on the farm bill as the House and Senate Agriculture Committees leaders unveiled competing farm bill proposals. Both plans could allow changes to reference prices, possibly permit farmers to add new base acres and expand crop insurance coverage. Divisions over nutrition and conservation remain the main sticking points. House Agriculture Committee Chairman GT Thompson, R-Pa., plans to fund program changes across the USDA with an estimated $28 billion over ten years that would come from limiting projected spending increases in nutrition programs. Many Democrats oppose ..read more
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HURRICANE INSURANCE PROTECTION-WIND INDEX (HIP-WI) CHANGES EFFECTIVE FOR THE 2025 AND SUCCEEDING CROP YEARS
ProAg - Crop Insurance Provider
by Stephanie Gossard
3w ago
As outlined in Product Management Bulletin PM-24-025, the HIP-WI Endorsement was amended by Federal Crop Insurance Corporation (FCIC) for the 2025 and succeeding crop years in all counties with an April 30, 2024, contract change date, or later, with the following changes: Updated the definition of “Adjacent County” to indicate that counties identified as adjacent to an insured’s county will be published in the actuarial documents. Clarified in the definition of “Weather Event” that the criteria necessary to meet the County Loss Trigger for a tropical storm must occur within the bounds of a co ..read more
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PRODUCTION REPORTING (PR) REMINDERS
ProAg - Crop Insurance Provider
by Stephanie Gossard
3w ago
As important production reporting deadlines approach, we would like to take this opportunity to provide you with some helpful information regarding production reports. As stated in the Crop Insurance Handbook (CIH), an annual production report is required for all crops with a yield-based plan of insurance that are required to establish the approved APH yield. Additionally, an annual production report is required for all area risk protection insurance (ARPI) policies, unless specified in the special provisions (SPs). Common crop insurance policies (CCIPs), the insured’s production report is use ..read more
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President’s Budget Confirms Crop Insurance Essential to Farm Safety Net
ProAg - Crop Insurance Provider
by lessingflynn
2M ago
On March 11, President Joe Biden released a proposed Fiscal Year (FY) 2025 budget that fully funds the Federal crop insurance program in recognition of the indispensable role that crop insurance plays in the farm safety net. The budget states that the “administration supports improvements to crop insurance, proactively managing risk from natural hazards, including the permanent authorization of the cover crop incentive program.” The release of the FY 2025 Budget follows a January letter from more than 60 farming, banking, and conservation organizations asking the Secretary of Agriculture and ..read more
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New Federal Crop Insurance Options and 5 Things to Know About ECO + AIM
ProAg - Crop Insurance Provider
by lessingflynn
3M ago
Target YOUR Individual Farm with ECO + AIM The Enhanced Coverage Option (ECO) is a new area-based federal crop insurance policy option approved by the U.S. Department of Agriculture (USDA) Risk Management Agency (RMA) and available from ProAg that extends existing multiple-peril crop insurance (MPCI) coverage. Now, an additional private product – Added Individual Modifier (AIM) – from ProAg takes that enhanced protection even further. The new ECO option covers a portion of the policy deductible of an underlying federal crop insurance policy. It can be added to MPCI yield and revenue policies a ..read more
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“Four Corners” of Agriculture Support Crop Insurance
ProAg - Crop Insurance Provider
by lessingflynn
3M ago
Leadership from the Senate and House Agriculture Committees delivered a clear message to the crop insurance industry convention yesterday: Crop insurance has bicameral and bipartisan support from the “Four Corners” of agriculture. Senate Agriculture Committee Chairwoman Debbie Stabenow (D-MI) and Ranking Member John Boozman (R-AR), and House Agriculture Chairman Glenn “GT” Thompson (R-PA-15) and Ranking Member David Scott (D-GA-13), will be the chief architects of the next Farm Bill. Speaking to the convention virtually, Sen. Debbie Stabenow (D-MI) emphasized the importance of crop insurance ..read more
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Crop Insurers Building on Crop Insurance’s Strong Foundation
ProAg - Crop Insurance Provider
by lessingflynn
3M ago
America’s crop insurers are committed to building on the foundational principles of crop insurance to strengthen the farm safety net and offer more risk management products to more farmers. “Congress has repeatedly voted to strengthen crop insurance over the years, laying the foundation for a smart, actuarially sound Federal policy,” said Scott Arnold, chair of National Crop Insurance Services (NCIS) and Chairman of Rain and Hail, in his remarks today at the crop insurance industry’s annual convention. The bipartisan and bicameral support for a strong crop insurance program has helped strengt ..read more
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Analyze Crop Insurance Options as March 15 Deadline Nears
ProAg - Crop Insurance Provider
by lessingflynn
4M ago
As the March 15 crop insurance deadline comes into view, growers will be finalizing insurance decisions. Kent Thiesse, a farm management analyst at Farm Forum says 2024 spring prices for both corn and soybeans will likely be reduced substantially from base price levels in 2023. But he says there should still be some favorable crop insurance guarantees again this year at reasonable premium costs. Farmers can choose form yield-only (YP) and revenue protection (RP and RPE) policies, SCO and ECO policies and other private insurance options. Most farmers have chosen revenue protection (RP) insuran ..read more
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WRITTEN AGREEMENT (WA) REMINDERS
ProAg - Crop Insurance Provider
by Stephanie Gossard
4M ago
There are several reasons why a producer may submit a written agreement request, including but not limited to, providing crop insurance for insurable crops when coverage or rates are not available in the actuarial documents or modifying existing terms and conditions in the crop insurance policy when permitted by the policy. Due to the time sensitivity of written agreements, it is imperative to remember the pertinent rules and regulations that surround them. It is also important that the request be signed, dated, and submitted by the producer and given to the agent with all the required docume ..read more
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