Negotiations between the United States Department of Agriculture’s Risk Management Agency and private insurance companies for the 2005 Standard Reinsurance Agreement for federal crop insurance are underway. Producers have until Thursday, April 29 to voice their opinions on next year’s agreement. Ross Davidson, Jr., administrator of the Risk Management Agency for the Federal Crop Insurance Program, is confident a fair and balanced Standard Reinsurance Agreement for 2005 is attainable.
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According to Ross Davidson, Jr., Administrator of the Risk Management Agency for the Federal Crop Insurance Program, crop insurance premiums and how producers are paid for losses will not be influenced by next year’s proposed agreement. He encourages producers to understand how the Standard Reinsurance Agreement works and affects their availability to receive crop insurance.
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The proposed 2005 Standard Reinsurance Agreement can be extremely beneficial to producers. Cotton growers will not only have more access to crop insurance, they will also work with crop agents and loss adjusters who are better trained and with insurance companies that, under certain circumstances, are willing to take greater risks than in past years.
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Additionally, the proposed Standard Reinsurance Agreement will strengthen safeguards in place at the Risk Management Agency to identify, prevent and help prosecute fraud, waste and abuse of the crop insurance program.
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For more information on the 2005 Standard Reinsurance Agreement, visit the Risk Management Agency’s web site at www.rma.usda.gov.
