Drought-Stricken Farmers Aided by Credit Unions
Longtime farmers are all too familiar with the outcomes when a drought moves in and takes over, killing crops and livestock.
However, the most recent arid conditions have caused some to brace for what could potentially be one of the worst droughts in 50 years.
Indeed, insurance coverage has helped to weather Mother Nature’s wrath. In 2009, CUNA Mutual purchased ProAg, one of 15 federal government-approved insurance providers to farmers and the nation’s sixth largest writer of crop insurance.
The subsidiary is seeing a significant number of claims from throughout the Midwest, particularly in the eastern corn belt, said Rick Uhlmann, CUNA Mutual senior manager of media relations. However, the financial impact of these losses won’t be known until after harvest. In many areas, there is still room for some level of recovery with timely rains. Farmers have until mid-December to file claims, he added.