New Podcast Explores Hurricane Aid, New Administration

Crop insurance payments were among the first meaningful aid to arrive to areas along the East Coast that were hammered by recent hurricanes.

That’s according to a new podcast featuring Tom Zacharias, President of National Crop Insurance Services.

Approximately “$800 million of [hurricane-specific insurance policy] payments are already out the door and are far in excess of what farmers paid for the coverage,” he explained on the latest episode of Keep America Growing.

These payments are part of an index policy that was built specifically to rapidly deploy aid to farmers following hurricanes and tropical storms. Farmers spent nearly $150 million out of their own pockets to purchase this coverage.

“Because it is an index policy,” Zacharias said, “it is paid out when certain weather conditions are met and does not require a farm visit from an adjuster. It’s quick.”

And more is on the way, because farmers in those areas also purchased more traditional multi-peril crop insurance policies. Those are specifically tailored to each farmer’s unique needs and are paid out within 30 days of farmers filing claims following a loss. That process is well underway, and checks are flowing from those policies, too, Zacharias said.

Because crop insurance is delivering for its customers within days and weeks – not months or years, as is often the case with programs delivered by the government – he believes crop insurance will be viewed favorably by the new group of lawmakers coming to Capitol Hill and President-elect Trump’s incoming administration.

President-elect Trump ran on a clear pro-business agenda that promised smart use of federal dollars and economic recovery. Zacharias believes that aligns well with America’s crop insurance system, which is efficiently delivered by private-sector businesses and leverages both public and private dollars to reduce cost and help mitigate risk.

“If this election has taught us anything, it’s that everyday Americans want real, tangible economic results in difficult times,” he concluded. “Crop insurance is delivering that in a meaningful way. And I, for one, cannot wait to see how we can partner with our friends at the USDA over the next four years to continue to build on this solid foundation.”

Be sure to check out November’s podcast, and previous episodes at Keep America Growing.