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Crop insurance payouts piling up

Jeff Caldwell 12/19/2012 @ 8:57am Multimedia Editor for Agriculture.com and Successful Farming magazine.

The indemnity checks continue to flow out to farmers around the nation affected by this year's devastating drought.

As of this week, more than $8.7 billion has been paid out by the crop insurance industry, according to a report from National Crop Insurance Services. The vast majority of those checks have gone out to cover losses in corn, soybeans, wheat, cotton, and sorghum, a report shows. That's despite the fact crop insurance covered 128 different crops in 2012. Other key numbers in what's likely to be a record year for crop insurance payouts include:

  • 4.1 billion: Farmers will invest more than $4.1 billion to purchase more than 1.2 million crop insurance policies.

  • 281 million: Those policies protect more than 281 million acres of eligible crops.

  • 15,000: That's the number of crop insurance agents who are working with 5,000 loss adjusters around the clock to help farmers get their claims processed.

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