USDA Conservation Secretary Richard Fordyce says enhanced risk management tools are helping farmers strengthen their safety net.
USDA Conservation Secretary Richard Fordyce is underscoring the department’s efforts to help farmers manage risk through crop insurance programs.
Testifying before the House Agriculture Committee, Fordyce said producers are increasingly turning to supplemental coverage products that provide additional risk protection and expand the farm safety net.
“For example, ECO and SCO subscription rates have more than doubled. Those are basically the add-on products that get the producer a higher percentage guarantee. And so yes, they’re very positive. They’re getting a better risk management product with a smaller investment out of their pocket. So yes, that’s incredibly important.”
Fordyce said the increased use of these supplemental products reflects farmers’ desire for stronger protection against market and weather-related risks.
He also described the Federal Crop Insurance Program as a leading example of a successful public-private partnership.
“I would also say you referenced the public-private partnership. In my notion, that is one of the great examples. We talk about public-private partnerships all the time. That should be the gold standard. That should be what we point to and say other things can happen like this.”
Fordyce noted that crop insurance agents play an important role in helping producers evaluate risk management options and navigate the various programs available to them.
Source - https://www.rfdtv.com
