President’s Budget Confirms Crop Insurance Essential to Farm Safety Net
ProAg - Crop Insurance Provider
by lessingflynn
1w 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
1M 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
1M 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
1M 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
1M 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
1M 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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Whole-Farm Revenue Protection (WFRP) and Micro Farm Agents
ProAg - Crop Insurance Provider
by Richard Stinson
2M ago
USDA RMA MANAGERS BULLETIN: MGR–24-001   DATE: January 30, 2024TO: All Approved Insurance Providers, All Risk Management Agency Field Offices, All Other Interested PartiesFROM: Marcia Bunger Administrator /s/ Marcia Bunger    1/30/2024SUBJECT: Whole-Farm Revenue Protection (WFRP) and Micro Farm Agents Background The Risk Management Agency (RMA) periodically receives inquiries from producers who are interested in WFRP and Micro Farm but are unable to find an agent willing to sell and service these policies. In 2022 and 2023, RMA conducted extensive outreach to directly educate ..read more
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Enrollment Open for ARC and PLC
ProAg - Crop Insurance Provider
by lessingflynn
2M ago
USDA is now accepting enrollment in the Farm Service Agency’s (FSA) Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) programs for the 2024 crop year. The deadline to complete enrollment and make any election changes is March 15. ARC-County or PLC provide crop-by-crop protection compared to ARC-Individual which protects the entire farm. While participation is optional, producers must enroll through a signed contract every year. For producers with multi-year contracts, coverage will continue for 2024 unless an election change is made. If enrollment or changes are not submitted by t ..read more
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Infographic: PRF Insurance Protects Your Operation When Precipitation is Lacking
ProAg - Crop Insurance Provider
by lessingflynn
2M ago
ProAg Pasture, Rangeland, Forage (PRF) insurance offers protection against forage loss due to the lack of precipitation on acres grown with the intended use of grazing or haying. This program helps growers cover their increased costs for feed, destocking, depopulating or other actions which can be incurred during dry periods. The PRF program utilizes a rainfall index to determine precipitation for coverage purposes and does not measure production or loss of products themselves. Sustain your grazing capacity with PRF. Download to learn more. Pasture, Rangeland, Forage (PRF ..read more
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How Does Livestock Risk Protection Work?
ProAg - Crop Insurance Provider
by lessingflynn
2M ago
Three experts walk through the process and benefits With ongoing market volatility caused by the economy, disease and global factors, more farmers and ranchers are turning to Livestock Risk Protection (LRP). Administered by the USDA Risk Management Agency (RMA), this risk management tool was created to help insure against declining market prices. But how does livestock risk protection work? And what about approval, purchase and claim processes? Three ProAg experts help explain the (surprisingly simple) LRP journey, providing peace of mind for your operation. How do I purchase an LRP policy? Fa ..read more
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