{"id":7200,"date":"2011-04-04T18:38:21","date_gmt":"2011-04-04T18:38:21","guid":{"rendered":"http:\/\/www.ncis.staging.wpengine.com\/?p=1310"},"modified":"2011-04-04T18:38:21","modified_gmt":"2011-04-04T18:38:21","slug":"crop-value-crop-insurance-coverage-at-record-high-2","status":"publish","type":"post","link":"https:\/\/iripreviewsite.com\/cropinsuranceinamerica\/crop-value-crop-insurance-coverage-at-record-high-2\/","title":{"rendered":"Crop Value, Crop Insurance Coverage At Record High"},"content":{"rendered":"<p>At least $110 billion worth of crop insurance liability \u2013 the largest amount in U.S. history &#8211; will be written this year, underscoring the popularity of crop insurance and the growing value of agricultural commodities, according to National Crop Insurance Services (NCIS).<\/p>\n<p>\u201cThe value of our agricultural output is at an all-time high,\u201d said NCIS President, Tom Zacharias, at a March 8 news conference. According to the Federal Reserve Bank this is helping to fuel the overall economic recovery in the U.S.<\/p>\n<p>Best of all, Zacharias noted, \u201cIf disaster strikes and puts the valuable 2011 crop at peril, it is the private sector delivery system, and not the U.S. taxpayer, who will be the first line of defense to ensure that America\u2019s farmers do not suffer severe financial hardship due to events out of their control.\u201d<\/p>\n<p>In a recent<a href=\"http:\/\/www.farmpolicy.com\/wp-content\/uploads\/2011\/03\/record-eagle-oped.pdf\"> guest opinion<\/a> article in the Traverse City (Michigan) Record-Eagle, Zacharias noted that it is easy to see why crop insurance has gained so much popularity with farmers, pointing out that more than 1.1 million policies covering 256 million acres across the U.S. were written in 2010 to deal with risks. \u201cNationally, this public\/private partnership enabled the government to turn a modest investment into nearly $80 billion in protection in 2010,\u201d he added.<\/p>\n<p>Crop insurance was designed by lawmakers to combine the strengths of the government and private sector to best leverage taxpayer investment. The government\u2019s main role is to regulate the business and subsidize farmer premiums making coverage more affordable and practical for farmers who greatly need tools to hedge their risks. Farmers purchase the policies and pay for a portion of the premiums out of their own pockets. The policies are sold by licensed agents and serviced by private insurance companies.<\/p>\n<p>\u201cWithout the crop insurance program that we have in place today, U.S. agriculture could be facing a liability of $110 billion, should farmers get hit with a catastrophe in 2011,\u201d noted Zacharias. \u201cThat would be unsustainable. Congress should be applauded for structuring a system that achieves so much return on investment,\u201d he added.<\/p>\n<p>Every dollar of investment achieved $20 of protection last year \u2013 a gap that should grow substantially in 2011. Zacharias says that he hopes Congress will consider this return on investment as it begins writing the 2012 Farm Bill.<\/p>\n<p>Michigan Senator and Chair of the Senate Agriculture Committee, Debbie Stabenow (D-MI), recently outlined her principles for the upcoming Farm Bill, urging us not to look at the 2012 Farm Bill under the lens defined by budget concerns or specific programs but instead from principles like \u201ccreating the best safety net and the best tools possible for managing risk.\u201d She added, \u201cWe need an effective safety net so that we aren\u2019t watching family businesses go under because of a few days of bad weather or market factors outside of their control.\u201d<\/p>\n<p>Michigander and crop insurance agent, Mike Gaynier, echoed the importance of the farm safety net to the state\u2019s diverse agriculture sector during a recent national radio interview. \u201cCrop insurance provides protection to producers of Michigan\u2019s lucrative specialty crops \u2014 like the well-known tart cherry crop, or important grains like corn, wheat and soybeans \u2014 should prices crash or Mother Nature deal an unwelcome blow. In fact, it is the only safety net tool available for most fruit and vegetable growers,\u201d he concluded<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>At least $110 billion worth of crop insurance liability \u2013 the largest amount in U.S. history &#8211; will be written this year, underscoring the popularity of crop insurance and the [&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":[1,37],"tags":[50],"class_list":["post-7200","post","type-post","status-publish","format-standard","hentry","category-news","category-risk-management","tag-risk-management-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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