National Crop Insurance Services today released the third installment in the “Risk Management Minute” series. This final video is focused on the importance of maintaining a strong public-private partnership.
“Now, assistance arrives in weeks, not years, because the private sector is involved,” explained the video, which noted that there are 20,000 agents, adjusters and staff to help rural America pick up the pieces following droughts, floods and freezes.
“And insurers spend millions on training and new technology to constantly improve efficiency,” it continued. “It’s a system that saves farmers time and taxpayers money.”
Despite crop insurance’s benefits and popularity among farmers, some farm policy critics are proposing drastic cuts that would make crop insurance unaffordable and unavailable for many farmers. And if such proposals were adopted, it would be difficult for the private sector to remain in business.
“Such short-sightedness would only weaken farmers’ primary tool for managing risk and put more burden on America’s taxpayers,” the video concluded.
Other videos – about the cost-sharing and risk-pooling attributes of crop insurance – can be viewed at CropInsuranceInAmerica and on NCIS’ social media channels.