Crop insurance – Just the facts

As soon as the 2014 Farm Bill was signed into law, questions quickly arose about how this new legislation affects crop insurance and the farmers who rely on it. A detailed analysis that will answer those questions is available online in the newly released version of “Crop Insurance – Just the Facts.”

“The 2014 farm bill represents a turning point in federal policy toward U.S. agriculture,” said Keith Collins, a former USDA chief economist who took the lead on the post-2014 Farm Bill update. “It moves away from the traditional income support programs of the past and into a risk management model that features crop insurance. Crop insurance is now the farmer’s primary, and for many the only, risk management tool.  Farmers need to know what has been eliminated by the farm bill and the important policy changes that might affect their risk management decisions year after year.”

In addition to covering a host of other crop insurance related issues the newly released online resource also addresses major and minor policy changes in the farm bill. That includes the introduction of new products such as SCO and STAX, new supplemental revenue products and new products for beginning farmers and other new authorized pilot programs. For those who say that the crop insurance debate is replete with misinformation, “Just the Facts” sets the record straight.

“This resource has proved valuable to farmers, students and policy experts who need to better understand the nuts and bolts of crop insurance,” Collins said. “In addition to addressing the various aspects of the new farm bill, the online series covers important topics like how crop insurance benefits the public, the economics of the industry, risk management in global terms and how crop insurance benefits producers in many other important issues.”

When it comes to the important details of crop insurance, the reason why farmers, farm groups, the financial community and lenders have thrown their strong support behind crop insurance and why it has evolved into the main risk management tool for American agriculture, look no further than Crop Insurance – Just the Facts. It can be found at www.CropInsuranceInAmerica.org/about-crop- insurance.

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