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Deadline Looming: What Michigan Farmers Need to Know About Crop Insurance in 2020 – Lexology

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In life, and in business, it’s smart to expect the unexpected. Insurance is a tool that helps mitigate risks from unexpected events. Few Michigan farmers could have expected the cool, wet spring that we experienced in 2019. Nonetheless, those who took steps to guard against that risk, no matter how unlikely it may have seemed in advance, weathered the storm (literally and figuratively). Many of those who did not, suffered significant losses.

The primary means to mitigate against risks like crop damage or, as we experienced last year, the inability to even plant crops due to saturated fields, is crop insurance. The purpose of crop insurance is to protect farmers and ranchers against losses from floods, drought, wildlife, and other natural causes, as well as declines in prices. Crop insurance is different from other forms of insurance in that it is backed by the federal government and administered through the Federal Crop Insurance Corporation (“FCIC”).

The terms and conditions of crop insurance policies are determined by the government through the United States Department of Agriculture (“USDA”) and FCIC. It is sold and serviced by private-sector crop insurance…



Read More: https://www.lexology.com/library/detail.aspx?g=09b29ba4-1eea-436e-9989-791a8776e0dc

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Source: https://www.lexology.com/library/detail.aspx?g=09b29ba4-1eea-436e-9989-791a8776e0dc

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