Another key element of risk reduction for farmers is crop insurance. Crop insurance, subsidized and regulated by the USDA-Risk Management Agency (RMA), is an important tool in managing financial risk associated with farming. It is intended to help farmers survive disasters and return to profitability, providing they purchase an adequate amount of protection.Maryland farmers underutilize federally subsidized crop insurance compared to counterparts in other parts of the country. To improve participation rates, USDA-RMA has partnered with MDA and the University of Maryland since 2002 to increase awareness and understanding of crop insurance. Participation is increasing and Maryland farmers are reaping the returns. In 2011, Maryland farmers received more than $30 million in crop insurance payments or about $1.80 for every $1 spent by farmers on crop insurance premiums.In 2012, farmers invested more than $12 million in premiums for more than 6,600 crop insurance policies covering $359 million in liabilities. Close to 70% of corn acres, 80% of soybean acres and 50% of wheat acres are protected by Crop Insurance.
“In accordance with Federal law and U.S. Department of Agriculture policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, age, or disability. To file a complaint of discrimination, contact USDA, Office of the Assistant Secretary of Civil Rights, Whitten Building, 1400 Independence Ave., SW., Washington, D.C., 02050-9410 or call 1-866-632-9992 Toll Free; or 1-800-877-8339Federal Relay Service; or 1-800-845-6136 (In Spanish); or 1-800 795-3272 between the hours of 8:30 am and 5:00 pm Eastern Standard Time; or (TDD) 720-2600. USDA is an equal opportunity provider and employer.”
Mark PowellChief of Marketing
Farm and Crop Insurance
Office Address:50 Harry S. Truman ParkwayAnnapolis, MD 21401
50 Harry S. Truman Parkway, Annapolis, MD 21401