Live Insurance News

Crop insurance comes under fire in the midst of U.S. drought

August 14, 2012August 14, 2012 Nordstrom

Drought highlights the controversy surrounding crop insurance The worst drought in 60 years has established a stranglehold in the U.S. The severity and persistence of the disaster is threatening to cause widespread food shortage as the country’s corn and soybean crops begin to suffer. The onset of the drought has brought attention to the country’s crop insurance program. The program was initially formed as a way to provide farmers with the protection they needed but has been subjected to several changes throughout its existence. Now, concerns are rising over the…

Crop insurance helps farmers and insurers alike

June 19, 2012June 19, 2012 Marc

These policies, subsidized by the federal government, help protect against losses. When plants fail to grow or are damaged by poor or severe weather, or even when prices plummet, the government is footing the majority of the bill through a crop insurance program for farmers. This coverage helps both the growers and the insurers who write the policies. It functions by providing subsidies to the farmers and the insurers in the case that losses from crops should grow too large. These subsidies are partially paid for by taxpayer dollars. The…

Federal crop insurance program hinders organic farm growth

January 19, 2012January 19, 2012 Julie Campbell

Though there has been an increase in consumer demand for consumer foods, some producers are finding that the federal crop insurance program – which was created to assist farmers – is hindering their ability to expand. This, according to Matt McLean, the founder of Uncle Matt’s Organic Inc, which has become the largest organic citrus producer in Florida, after having started in 1999 with only 5 acres of oranges. The reason that McLean and other farmers are making this claim is that organic producers are required to pay a surcharge…

Congress to determine the fate of crop insurance – plans for income insurance in the works

November 9, 2011November 9, 2011 Marc

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.…

Texan farmers to receive insurance aid while battling extreme drought

October 25, 2011October 25, 2011 Nordstrom

Texas has been struggling to cope with one of the most severe droughts in the state’s history. The dry conditions have sparked a rash of wildfires throughout the state, which have burned crops and homes alike. The state’s insurers have been working to mitigate the damage caused by the extreme conditions and for those that lost their homes to fire, recovery is quickly becoming a reality. Good news is on the horizon for thousands of farmers who had their crops destroyed by the drought as well. More than 41,000 Texan…

The changing face of federal crop insurance

October 18, 2011May 7, 2013

Bill Murphy, an administrator at the Risk Management Agency (RMA) has announced that the Federal Crop Insurance program will be undergoing some positive changes in the near future. Murphy was present at the Big Iron Farm Show in West Fargo and spoke to the crowd about the current year’s issues as well as changes to the program. Not all of the news was good, as Murphy did need to discuss the unprecedented number of catastrophes in 2011 that left farmers hurting this year; from the overly wet soil in North…