Risk Management

164. Disaster Program Payments

We recommend that when a disaster program is initiated, guidelines for program integrity should be implemented.

Disaster payments should be exempted from payment limitations. (PEANUT/COTTON)

165. Farm and Ranch Risk Management (FARRM) Accounts

We affirm FARRM accounts as a method of risk management for farmers and ranchers. (TAX)

166. Federal Crop Insurance/Risk Management

We recommend expansion of federal crop insurance programs and catastrophic insurance programs to include currently excluded crops, such as, plant starter materials and in-ground material. We further recommend that the Federal Crop Insurance Corporation keep the farm serial number as the identification of our insurable unit. We recommend a more equitable average assessed of formidable yields in disaster years for consideration by the actual production history (APH).

We recommend the development of a risk management program or self-insured program for farmers, similar to Individual Retirement Accounts (IRAs).

We recommend that current cotton coverage be expanded to insure for actual loss due to wind or hail damage. Crop insurance should be experience rated for premium and availability. (PEANUT/COTTON)

167. Risk Management Agency

We support working with USDA Risk Management Agency (RMA) to accelerate development of new crop insurance programs for aquaculture. (AQUA)