Live Insurance News

Cutting the crop insurance subsidies is proving to be challenging

December 1, 2015November 28, 2015 H. Cutner

It is now expected that part of the reductions in subsidized coverage for growers will be repealed. Back in April, Republicans in Congress formed a new agreement in order to move ahead on a plan that was designed to create a savings of $5 trillion over the next ten years, and reductions in crop insurance subsidies were a part of this effort to balance the budget at the end of that time. However, as time has passed and the practical side of these insurance subsidy decreases plays out, it may…

Payments from crop insurance predicted to be lower this year

November 18, 2015November 17, 2015 Julie Campbell

As the soybean and corn seasons are coming to a close, producers are wondering about payouts due to price drops. The harvest season for soybeans and corn is now on its way to closing, and as 2015 wraps up, many farmers are starting to wonder if they will be receiving any payments from their crop insurance coverage, since the prices have been declining this year. Last year, many growers in northern Iowa and Minnesota saw yields considerably lower than typical. The lower than average yields, in combination with the reduced…

Crop insurance slashed through legislation for reducing expenses

November 13, 2015November 12, 2015 Julie Campbell

Growers may see reduced coverage levels in order to save taxpayers $24.4 billion over a decade. Two state representatives in Wisconsin have now introduced a bill called the Assisting Family Farmers through Insurance Reform Measures (AFFIRM) Act, which will slash crop insurance with the intention of providing taxpayers with savings over the next ten years. In the span of a decade, the insurance coverage cuts will mean $24.4 billion in expenses will be saved. According to farm subsidy program critic, Congressman Ron Kind (D), the crop insurance bill will still…

New insurance program pilot being tested on WV livestock farms

September 17, 2015September 16, 2015 Julie Campbell

The goal of this new strategy is to be able to offer producers in the state a way to mitigate financial risk. A group of West Virginia livestock producers are now taking part in the pilot of an insurance program that has been designed to help them to be able to mitigate certain financial risks that they have been facing. The program is based on an effort to broaden the information available to help when making payments. The Rainfall Index Pasture, Rangeland, Forage insurance program bases its payments on a…

Crop insurance available for winter wheat

August 5, 2015August 5, 2015 Julie Campbell

The Department of Agriculture has now given its approval for coverage in all South Dakota counties. A new decision has been made with regards to the availability of crop insurance in South Dakota, as growers in all counties of the state can now obtain coverage for winter wheat, which is good news to them as well as other industries, as well. In fact, pheasant and duck hunters may also be quite pleased by this new insurance coverage decision. The departments of Agriculture and of Game, Fish, and Parks, in South…

Last year saw crop insurance payments plummet

May 14, 2015May 13, 2015 Julie Campbell

Since 2014 saw pretty good production throughout the year, the federal program had to make far fewer payouts. In terms of the overall 2014 growing year, the calculations by the Risk Management Agency of the U.S. Department of Agriculture with regards to the federal crop insurance program have shown that last year saw a reduction in payments by 26 percent when compared to the figures from the year before. The agency report showed in 2014, there was a total of $8.8 billion in payments for yield and price loss coverage.…

Crop insurance eligibility requires producers to prove conservation efforts

April 24, 2015April 23, 2015 Julie Campbell

The U.S. Department of Agriculture has issued a reminder to growers with regards to 2014 Farm Bill requirements. A reminder has now been issued by the U.S. Department of Agriculture (USDA) to growers who wish to ensure that they are eligible for crop insurance, as they will also need to make a filing at their local USDA service center, of a Highly Erodible Land Conservation and Wetland Conservation Certification form (AD-1026). This form needs to be filed by June 1, 2015 in order to obtain premium support from the insurance…