As of July 8, the Risk Management Agency of the U.S. Department of Agriculture had completed the processing of more than 440,000 crop insurance policies for 2013.
The bi-weekly report by the National Crop Insurance Services trade group indicated that those policies cover 129 million planted acres, require farmers to pay $1.5 billion in premiums, and create a potential total liability of $39 billion.
States with the highest number of policies already processed were Texas, Kansas, Iowa, Nebraska, and Minnesota.
During 2012, farmers obtained 1.2 million crop insurance policies on a total of 128 different crops and paid $4.1 billion in premiums and received more than four to one return on average as result of crop losses caused by drought, freezing, and other reasons.
Crop insurance policies purchased in 2012 covered 281 million acres, which represented 86 percent of the planted cropland in the United States.
Crop insurance policies are underwritten by a number of major private insurance companies specializing in the business but the same federal rules and rates apply to all.
A substantial federal subsidiary supports the crop insurance program. In recent years, that subsidy was nearly twice what farmers paid in premiums for the insurance.
Farmers obtain policies through agents with a variety of affiliations. In Wisconsin, these include a number of independent insurance agents, companies such as Premier Insurance Solutions LLC, and organizations such as Badgerland Financial, GreenStone Farm Credit Services, and the National Farmers Organization.