Multi-Peril Crop Insurance is a risk management tool that producers purchase to protect against the loss of their crops due to natural disasters such as hail, drought, freezes, floods, fire, insects, disease and wildlife, or the loss of revenue due to a decline in price. Crop insurance is federally supported and regulated and is sold and serviced by private-sector crop insurance companies and agents.

Every American consumer relies upon agriculture for food and clothes. Moreover, agriculture and its related industries are important sectors of the U.S. economy accounting for nearly five percent of Gross Domestic Product (GDP) and nearly 10 percent of U.S. employment. Agriculture is an important sector of the U.S. economy, therefore, it is in the public interest to have a financially stable agricultural sector that produces the nation’s safe and affordable food and fiber supply and supports the rural economy. That necessitates the presence of a publicly-supported safety net for farmers, who increasingly face variable weather patterns that challenge the food production system as well as face unfair competition from foreign countries that subsidize heavily and violate international trade rules. In the United States, a critical part of this safety net is crop insurance.

What makes Federal crop insurance unique from other insurance products is that companies that sell Federal crop insurance must sell a policy to any farmer at the premium rate set in advance by the Federal government. Crop insurance companies cannot refuse to provide protection, raise the premium rate or impose special underwriting standards on any individual producer, regardless of risk.

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