Crop Insurance Program for Industrial Hemp

Date:

05/31/2019

Time:

3:00 pm - 3:50 pm
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With the recent passage of the Agriculture Improvement Act of 2018, industrial hemp has a significant opportunity to reach its full commercial production potential in the near future.  Since the regulation which previously restricted the development of the crop and industry in the U.S. has been relaxed with recent legislation, there is now an opportunity to develop a broad-based crop insurance program to protect producers.  Pending the outcome of the report to Congress referenced in the legislation documenting the economic viability of the domestic production and sale of industrial hemp and hemp products, it is expected that the number of producers and subsequent acreage of industrial hemp will increase substantially.  At such time, hemp producers will need a robust crop insurance program to protect them against losses from an array of natural perils.  AgriLogic Consulting, in cooperation with the National Hemp Association, is developing a crop insurance program that will provide current and future industrial hemp producers with a much-needed risk management solution for an industry on the verge of significant expansion.  This program would allow producers to insure industrial hemp against multiple natural perils of loss like other major industrial food, feed, and fiber crops.  AgriLogic has an extensive history and proven experience related to researching and subsequently developing insurance programs for various crops nationwide.  Over the course of the last 18 years, AgriLogic has completed over 60 crop insurance projects for the United States Department of Agriculture (USDA) Risk Management Agency (RMA) alone, not to mention the extensive work completed for private-sector insurers and reinsurers.  The purpose of this session is to give industrial hemp producers a voice in the overall design and details of the crop insurance program being developed.