North Dakota Farmers Receive Significant Crop Insurance Indemnity Payments

The crop insurance industry has paid more than $825 million to the farmers in North Dakota for losses due to crop loss or decrease in commodity prices for 2008, according to the most recent summary of business data released by the Risk Management Agency. “The amount of indemnities paid may still continue to rise,” said Robert Parkerson, president of National Crop Insurance Services, a trade association for the crop insurance industry. “Not all losses have been paid yet because the Risk Management Agency just recently released the prices for the GRIP policies, and many still need to be finalized and paid.”