{"id":514,"date":"2009-02-27T16:12:54","date_gmt":"2009-02-27T16:12:54","guid":{"rendered":"http:\/\/www.ncis.staging.wpengine.com\/?p=514"},"modified":"2009-02-27T16:12:54","modified_gmt":"2009-02-27T16:12:54","slug":"industry-opposes-proposed-cuts-to-federal-crop-insurance-program","status":"publish","type":"post","link":"https:\/\/iripreviewsite.com\/cropinsuranceinamerica\/industry-opposes-proposed-cuts-to-federal-crop-insurance-program\/","title":{"rendered":"Industry Opposes Proposed Cuts to Federal Crop Insurance Program"},"content":{"rendered":"<p><strong>FOR IMMEDIATE RELEASE<\/strong><br \/>\nFebruary 27, 2009<\/p>\n<h2><small><em>Further reductions will restrict access to producers and undermine the viability of the program<\/em><\/small><\/h2>\n<p>&nbsp;<\/p>\n<p><strong>OVERLAND PARK, KAN&#8230;<\/strong>The crop insurance industry is very concerned about how the Obama Administration&#8217;s proposed cuts to the crop insurance program would affect the farmers and ranchers it protects, and the private insurance companies who administer the program.<\/p>\n<p>Crop prices have declined sharply from a year ago while production costs have remained high. Just Thursday, this decline in margins caused USDA to project a large drop in net farm cash income in 2009.<\/p>\n<p>&#8220;If the premium subsidies are cut, causing an increase in farmers&#8217; insurance premiums, that actually takes money out of their pockets and out of the rural economy,&#8221; said Bob Parkerson, president of National Crop Insurance Services (NCIS), the nonprofit industry trade association in Kansas City. &#8220;Isn&#8217;t that the exact opposite of what the Stimulus Bill set out to accomplish?&#8221;<\/p>\n<p>The 2008 Farm Bill cut $6.5 billion (over the next 10 years) from the crop insurance program just last year.<\/p>\n<p>&#8220;We are just now beginning to see how this will affect the crop insurance program,&#8221; said Parkerson. &#8220;Many of the provisions haven&#8217;t been implemented yet and I just don&#8217;t know how we can sustain even more cuts and still maintain a viable program.&#8221;<\/p>\n<p>The industry is in the midst of paying out historical losses for 2008 due in large part to long-term drought, floods, and substantial price declines for corn and soybeans. Indemnity payments on crop losses during the 2008 growing season have already reached nearly $6.7 billion, the largest amount ever paid, with more claims yet to be processed.<\/p>\n<p>&#8220;All losses haven&#8217;t been paid yet either,&#8221; said Bob Parkerson, &#8220;There are still many losses yet to be finalized by the companies, and GRIP payments won&#8217;t be made until RMA approves the county yields for those policies, which doesn&#8217;t usually happen until April.&#8221;<\/p>\n<p>The private insurance companies welcome an opportunity to sit down with the Administration to discuss the issues surrounding the proposed budget.<\/p>\n<p>&#8220;We are confident that once we can talk to Secretary Vilsack and his staff he will better understand how vital this program is to protecting America&#8217;s farmers and ranchers and sustaining businesses in the rural economy,&#8221; said Parkerson.<\/p>\n<p>No farm program helps protect the environment and leverage value from taxpayers&#8217; money more than the Federal crop insurance program. Proposed cuts to the program would actually raise taxpayers&#8217; costs to protect a safe and affordable supply of food. The crop insurance industry insures over 272 million acres and protects $90 billion in America&#8217;s food supply. Over 80 percent of the insurable acres are protected.<\/p>\n<div align=\"center\">###<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>FOR IMMEDIATE RELEASE February 27, 2009 Further reductions will restrict access to producers and undermine the viability of the program &nbsp; OVERLAND PARK, KAN&#8230;The crop insurance industry is very concerned [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-514","post","type-post","status-publish","format-standard","hentry","category-press-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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