News from Insurance Journal:

The federal crop insurance program would be extended to growers of specialty crops, fruits and vegetables as well as other farmers who have not had access to policies under new rules proposed by the U.S. Department of Agriculture (USDA).

These rules would require the Federal Crop Insurance Corp. (FCIC) to increase the incentives for the private sector to develop new insurance products for specialty crops and underserved producers. In addition, the rules prioritize approval of new policies that cover fruit and vegetable producers that currently do not have crop insurance coverage. Also, the proposal includes funding for a pilot program for a new type of insurance that targets previously uninsured producers.

The changes were announced in the Federal Register on Feb. 25.

Under one of the proposals, the FCIC board would be authorized to approve an advance payment of an additional 25 percent, above the current 50 percent, of research and development costs of products that provide coverage for underserved regions or crops, including specia……….. continues on Insurance Journal.

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