North Dakota farmers will be paid more than $825 million for losses from crop loss or decrease in commodity for 2008 according to data from the Risk Management Agency.
“The amount of indemnities paid may still continue to rise,” said Robert Parkerson, president of National Crop Insurance Services. “Not all losses have been paid yet because the Risk Management Agency just recently released the prices for the GRIP policies, and many still need to be finalized and paid.”
Insurance agencies have had many adjusters working on losses since crops were harvested and will continue to until all losses are processed.
Most payments come from these private agencies over government funds. Overall, for 2008, the insurance industry has paid $8.5 billion in losses.
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