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Thank you, Jim Kennedy – PIANC
Courtesy of PIAND
Responding from criticism from USDA's Office of Inspector General (OIG), the department's Risk Management Agency (RMA) announced updated factors for prevented plant coverages. A 2013 OIG report looked at prevented planting claims from 2008 to 2011 and found the RMA set current prevented planting levels above the percentages of guarantees that insured needed to cover average preplanting costs. Subsequent to that report, RMA commissioned a third-party evaluation of prevented planting coverage, which provided recommendations for determining prevented planting factors. Area crops that are affected all had a prevented planting factor of 60% prior to the study and will have 2017 factors as follows: Corn - 55%, Soybeans - 60%, Wheat - 60%. The study analyzed the top 7 crops and included cotton, rice, and grain sorghum in addition to the ND crops. The only factors changed were for corn (down 5%) and rice (up 10%). Other crops will be evaluated in the next 2 years according to RMA.
Check out these Hurricane season alert recipes. Yum.
This will ensure that any “Equipment Breakdown” losses are covered. Don’t forget about “Off Premises Utility Transmission Lines” that can cause major losses to a company’s manufacturing output!
Remember Hurricane Matthew several weeks ago and those Companies that did not have power due to power lines being down with high winds?! Did you Mr./Ms. Agent not have this loss covered? Can you say EO claim for your failure to provide proper coverage?!
Read more here. This article is from PLM/ILM Winter 2016 UPDATE, a big thank you!
iFarm Premium Calculator and Payment Evaluator: Two new web-based decision tools are now available in the crop insurance section of farmdoc. These computer tools are supported by the National Center for Supercomputing Applications (NCSA) at the University of Illinois. The ifarm Premium Calculator provides farmer-paid premiums for insurance products on a per acre basis. The calculator works by allowing a detailed comparison between farm-level and area-level insurance products in terms of cost and guarantee values. It also uses current price and volatility conditions, and will reflect current market conditions through the final release of 2016 Projected Prices and Volatilities by RMA. The ifarm Insurance Evaluator provides performance evaluations of alternative crop insurance products for a case farm within a county in the corn and soybean regions. It also provides premium estimates for all products based on coverage level, expected frequency of payments, average payment per acre, net cost per acre and risk reductions associated with alternative crop insurance products and election levels. The web-based designs of these products are scalable to different platforms including laptop computers, tablets, and phones. This information was provided by farmdocdaily, by Gary Schnitkey, Bruce Sherrick, and Scott Irwin. Click here for more information about these iFarm tools.
Our NC Governor
Burr, Richard - (R - NC) Class III
217 Russell Senate Office Building Washington DC 20510
Tillis, Thom - (R - NC) Class II
185 Dirksen Senate Office Building Washington DC 20510
NC House of Representatives