Farmers are getting new options to cover differences in farming practices and crops, and many growers will be able for the first time this year to buy an endorsement to cover a portion of their deductibles.
The incoming Biden administration is expected to take a new look at using crop insurance to encourage farming measures that reduce greenhouse gas emissions and protect water quality, but the effort will face an old challenge — finding the data to prove that the practices don’t increase program losses.
New questions about the future of the hemp industry emerged after one of the largest CBD processors filed for bankruptcy, but advocates remain bullish about the long-term future — if they can get more answers out of FDA.
Growers paid over $10 billion to insure almost 380 million acres in 2019. By year-end, crop insurance companies paid out almost $7.6 billion to cover losses and the numbers are expected to grow as all claims are finalized.