SB0765 Signed into Law and Improves Farm Insurance Coverage

Legislation was signed into law by the Governor that improves farm insurance coverage for farmers. SB0765 adjusts the minimum amount of coverage farm mutual insurance companies are required to provide. Insurance companies are required to maintain adequate catastrophic reinsurance, rather than unlimited catastrophic reinsurance. Farm mutual insurance companies are also required to maintain aggregate reinsurance coverage in an amount no less than that required for a 250-year event.

Farm mutual insurance companies must provide notice of this change to policyholders in a form which must be approved by the Director of Insurance.

Farm Progress Show

My visit to this year’s Farm Progress Show-