Crop Insurance


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Crop Insurance

A contract of indemnity by which, for a specified premium, one party promises to compensate another for the financial loss incurred by the destruction of agricultural products from the forces of nature, such as rain, hail, frost, or insect infestation.

The federal government, acting through the Federal Crop Insurance Corporation, an agency of the department of agriculture, sponsors such insurance. By improving the economic stability of agriculture, crop insurance promotes the welfare of the nation.

Cross-references

Agricultural Law.

References in periodicals archive ?
Acknowledging that traditional risk management and crop insurance solutions were not typically designed to fulfill the needs of producers in the region, the two firms developed a specialized platform to provide an option to growers and agents in the western United States.
point out that according to Congressional Budget Office estimates, crop insurance subsidies will cost taxpayers $90 billion over the next decade.
This offers an opportunity to truly reform crop insurance and correct its structural flaws.
5 Crop insurance today--in some developing countries.
Yes, asserts Art Barnaby, a professor of agricultural economics at Kansas State University who worked with Am Ag to develop crop insurance products.
Goodwin and Smith begin their analysis with a simple question: What is the purpose of federal multiple-peril crop insurance (including disaster aid, which they correctly describe as a form of premium-free crop insurance)?
The book is based on selected papers presented at a conference on crop insurance and agricultural credit organized jointly by the Inter American Institute for Co-operation on Agriculture and the International Food Policy Research Institute, in San Jose, Costa Rica, in February 1982.
We believe the leading writers of crop insurance will be able to absorb any near-term crop losses and are likely to maintain current levels of financial strength due to the primary writers' size, diverse portfolios, conservative use of additional reinsurance, and the business line's historical profitability.
In order to pay for part of it, the deal calls for a severe cut of $3 billion to the federal crop insurance program.
According to a study by Assocham, only a few farmers in India have crop insurance.
The crop insurance business arm of John Deere Financial is made up of John Deere Insurance Company and John Deere Risk Protection, Inc.
In a statement, Illinois-based Deere & Company said no formal decisions have been made or agreements reached yet concerning its crop insurance operations.