Feature image above: Rikard said crop insurance covers 604 varieties of crops and 36 different plans. (File photo)
America may resonate more of an urban vibe these days, but it remains one of the world’s most important breadbaskets — and Arkansas one of its more agricultural states.
Insurance is just as important on the farm as it is in the skyrise, and crop insurance plays a vital role in America’s farming by providing stability in farming income when extreme weather results in large crop losses for farmers.
“Crop insurance covers 136 crops and 604 varieties of crops with 36 different insurance plans that provide protection for more than $200 billion in value for crops and livestock each year,” said Stephen Rikard, Pulaski County agency manager at Farm Bureau Insurance. “Crop insurance protects more than 90 percent of America’s planted acres today.”
Stephen Rikard
The current federal Farm Bill provides funding for insurance products through the Federal Crop Insurance Program. Rikard said that indemnifies producers against losses in yield, crop revenue, margin total farm revenue and other losses due to weather-related events.
“New crop insurance programs may be introduced under a [new] Farm Bill,” Rikard said. “The Farm Bill is important for the continued support for funding and management of the FCIP.”
Beyond the federal provisions, farmers are protected through policies such as Farm Bureau’s Ag Promise, a comprehensive farmowner’s policy that can be customized to meet the insurance needs of large commercial farms with row crop, poultry or livestock operations.
The Brantley Farm in Lonoke County (File photo)
The Ag Promise covers the standard potential losses experienced on a farm but also meets the needs of those operations engaged in agriculture-related tourism or entertainment activities.
“The Ag Promise can also be tailored to meet needs for novice farms, small landowners or farms with ‘agritainment’ risks, such as a pumpkin patch or corn maze,” he said. “Policyholders can choose from a wide array of endorsements to cover both their personal property and liability exposure.”
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