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Catastrophic Crop Insurance
Catastrophic crop insurance (CAT) is a component of the U.S. federal crop insurance program, originally authorized by the Federal Crop Insurance Reform Act of 1994 (P.L. 103- 354). CAT coverage compensates farmers for crop yield losses exceeding 50% of their average historical yield at a payment rate of 55% of the projected season average market price. CAT coverage requires that a farmer realize a yield loss of more than 50% and only makes payments on losses exceeding the 50% threshold. Producers pay no premium for CAT coverage, but except for cases of financial hardship, must pay an administrative fee of $300 per crop. A producer has the ability to purchase additional insurance coverage (or buy-up coverage) beyond CAT coverage, but must pay a premium, partially subsidized by the government. References United States Department of Agriculture Agricultural insurance in the United States {{insurance-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crop Insurance
Crop insurance is purchased by agricultural producers, and subsidized by the federal government, to protect against either the loss of their crops due to natural disasters, such as hail, drought, and floods, or the loss of revenue due to declines in the prices of agricultural commodities. The two general categories of crop insurance are called crop-yield insurance and crop-revenue insurance. On average, the federal government subsidizes 62 percent of the premium. In 2019, crop insurance policies covered almost 380 million acres. Major crops are insurable in most counties where they are grown, and approximately 90% of U.S. crop acreage is insured under the federal crop insurance program. Four crops—corn, cotton, soybeans, and wheat— typically account for more than 70% of total enrolled acres. For these major crops, a large share of plantings is covered by crop insurance. Specialty crops A farmer or grower may desire to grow a crop associated with a particular defined attribute ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Department Of Agriculture
The United States Department of Agriculture (USDA) is the United States federal executive departments, federal executive department responsible for developing and executing federal laws related to farming, forestry, rural economic development, and food. It aims to meet the needs of commercial farming and livestock food production, promotes agricultural trade and production, works to assure food safety, protects natural resources, fosters rural communities and works to end hunger in the United States and internationally. It is headed by the United States Secretary of Agriculture, Secretary of Agriculture, who reports directly to the President of the United States and is a member of the president's Cabinet of the United States, Cabinet. The current secretary is Tom Vilsack, who has served since February 24, 2021. Approximately 80% of the USDA's $141 billion budget goes to the Food and Nutrition Service (FNS) program. The largest component of the FNS budget is the Supplementa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |