Congressional Testimony Touts Benefits of Crop Insurance
Farmers across the country know first-hand the critical role the federal crop insurance program plays in protecting our nation’s supply of food and fiber. It’s an important risk management tool that supports both America’s farming communities and the rural economies that rely on them.
Michael Davenport, COO of Rain and Hail and Chairman of the American Association of Crop Insurers, brought this positive message to Capitol Hill today when he testified before the House Agriculture Committee’s Subcommittee on General Farm Commodities and Risk Management.
Davenport’s testimony highlighted the unique public-private partnership that allows crop insurance to be flexible, affordable, available, and predictable.
By offering a variety of insurance products, federal crop insurance provides growers with dependable coverage options that fit the requirements of their individual farm. And with new investments in technology and a continuous focus on high-quality customer service, private crop insurers can quickly process claims while keeping costs manageable.
The 2018 Farm Bill helped strengthen the federal crop insurance program, and Davenport thanked the committee for investing in the American farmer.
“With the continued bipartisan support for the public-private partnership crop insurance provides, farmers are able to receive a reliable and cost-efficient safety net to protect both themselves and the future of farming,” Davenport testified.
The overwhelming success of crop insurance has made it the cornerstone of the federal farm safety net. More than 1 million federal crop insurance policies provide more than $100 billion in coverage across 300 million acres of farmland in all 50 states.
“The bottom line is that the crop insurance program is successfully meeting the needs of thousands of farmers who can tailor their risk management needs to serve them best with the help of a local agent,” Davenport said.
And as farmers face significant challenges this year, Davenport emphasized to the committee that the private crop insurance industry is standing ready to provide timely assistance and “fulfill the promises of the Federal Crop Insurance Program to each and every farmer who purchased a policy.”
Farming can be unpredictable. But the federal crop insurance program provides a reliable safety net that benefits farmers and taxpayers alike.