The 2012 drought poses the likelihood of thousands of crop loss claims under federal crop insurance programs. Few know that the Federal Crop Insurance Corp is a cousin of the better known Federal Deposit Insurance Corp for banks. FCIC, like FDIC, dates back to the Great Depression of the 1930s.
The USDA has control over FCIC, though it is a federally owned, private corporation. FCIC, and the Secretary of Agriculture have extensive regulatory authority over the crop insurance program. This rule making authority has been exercised. Now. The Regs are an automatic part of every crop insurance policy issued under the federal crop insurance program generally.
Domina Law Group pc llo offers a major overview of the Federal Crop Insurance Corp’s rules, and key insurance policy provisions. The Article Published in The Nebraska Lawyer November/December 2012 Magazine "Federal Crop Insurance: What It Means and How It Works." By David Domina can be Read Here.