Testimony on farm credit programs for the next farm bill is being heard by a House Ag subcommittee and much was said in opening statements about the importance of crop insurance.
Jeff Gerhart, chairman of the Bank of Newman Grove, Nebraska spoke on behalf of Independent Community Bankers of America.
“Maintaining crop insurance funding is an extremely important aspect of the farm safety net. While crop insurance is not part of the credit title it allows lenders to extend credit. It gives us assurances producers will repay loans even in the event of bad weather or falling prices.”
Gerhart says as a crop insurance agent himself, crop insurance is a necessary risk management tool for farm customers.