Crop Insurance Today Fourth Quarter 2020 - 13

in indemnities (not including Zeta) has already
been paid to farmers who purchased this new endorsement and suffered wind losses due to these
devastating storms.
This endorsement gives farmers another tool
to manage their risk by covering a portion of the
deductible of the underlying crop insurance policy when a county, or adjacent county, is within the area of sustained hurricane-force winds.
Coverage is provided for 70 different crops in 22
states and is available in counties near the Gulf
of Mexico, the Atlantic Ocean, and Hawaii. The
2018 Farm Bill required the Risk Management
Agency (RMA) to develop a product that focused
on losses due to hurricane or tropical storms.
This ensured that crops grown in those regions,
such as tomatoes, peppers, and citrus, receive affordable coverage as well as timely payments for
any losses incurred.
To address the unexpected hardship that
coastal farmers face when winds reach hurricane
strength, the RMA introduced this index plan of
insurance and made it available for the 2020 crop
year. Wind field data published by the National Hurricane Center (NHC) is used to pinpoint
counties and adjacent counties affected to determine timely payments.
Seems simple, right? The concept is straightforward; coverage is provided against a widespread loss in the county due to sustained hurri-

cane force winds. Then an indemnity is paid. But,
not so fast...
Over the past few months many questions
from Approved Insurance Providers (AIPs) have
been addressed in the NCIS Asked and Answered
publications, as well as the HIP-WI Frequently
Asked Questions on the RMA website. The HIPWI Endorsement has been put to the test due to
this year's multiple hurricanes and an unexpected number of policies sold. With the release of
an updated endorsement and handbook for the
2021 crop year, the NCIS Training Department
saw an opportunity to present the new material
and provide clarity on this new and emerging endorsement for NCIS members.

Hurricane Webinar

On September 23, NCIS staff and RMA presented a virtual training webinar on the HIP-WI
Endorsement. Tim Witt, NCIS, moderated a
panel discussion reviewing the high participation of this new product with RMA staff, Mandy
Welton, Chief-Underwriting Standards Branch,
Dr. Thomas Worth, Chief Actuary, and Dr. Scott
Merryman, Senior Statistician - Actuarial Division. According to information RMA provided during the webinar, more than 17,400 total
policies are in force, including more than 7,000
in North Carolina and more than 2,000 in both
South Carolina and Georgia. RMA staff was surprised that while citrus was expected to dominate

CROPINSURANCE TODAY®

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Crop Insurance Today Fourth Quarter 2020

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Crop Insurance Today Fourth Quarter 2020 - Cover3
Crop Insurance Today Fourth Quarter 2020 - Cover4
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https://www.nxtbook.com/allen/cint/55-2
https://www.nxtbook.com/allen/cint/55-1
https://www.nxtbook.com/allen/cint/54-4
https://www.nxtbook.com/allen/cint/54-3
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https://www.nxtbook.com/allen/cint/54-1
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https://www.nxtbook.com/allen/cint/52-04
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http://www.brightcopy.net/allen/cint/51-02
http://www.brightcopy.net/allen/cint/51-01
http://www.brightcopy.net/allen/cint/50-04
http://www.brightcopy.net/allen/cint/50-3
http://www.brightcopy.net/allen/cint/50-2
http://www.brightcopy.net/allen/cint/50-1
http://www.brightcopy.net/allen/cint/49-4
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