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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.
GREENSBORO Charles Franklin Crews, III passed away Saturday, October 14th surrounded by his loving family while having suffered a long battle with Alzheimer’s. A celebration of life was held at 2:00 p.m. Tuesday, October 17, 2017 at Forbis and Dick, N. Elm Street Chapel. Chuck attended Page High School and East Carolina University. Chuck worked at Sears for many years and then went into the insurance business working at Penn National and NC Grange Mutual. He enjoyed long walks with friends, loved sports and playing golf. He was a devoted Carolina Tarheel fan. You could always count on Chuck to light up the room and make people laugh.
Check out these Hurricane season alert recipes. Yum.
by Dan Cabral, SCLA, AIC
E&O Claim Supervisor
Utica National often sees Agents' Errors & Omissions (E&O) claims from insureds as the result of errors when moving a client's claims-made policy to a new carrier. This usual occurs when a carrier decides to non-renew a risk and the agency must find a market to write replacement coverage. When securing replacement coverage for claims-made risks, there are several issues to address before coverage is written with a new carrier.
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