MT: HAIL BOARD APPROVES REFUNDS
News Date December 15, 2009
Montana farmers who bought state hail insurance this year will receive a refund of 30 percent of the premiums they paid. The state Board of Hail Insurance approved the refunds after reviewing an actuarial report at its annual meeting.
The Montana Department of Agriculture issued 1,996 hail insurance policies covering 1,620,543 acres during 2009. That's below the record of 2,058,886 acres in 2007 primarily due to poor weather in the spring, said Ron de Yong, department director.
"An independent actuary report showed that the program continues to be financially strong and able to once again provide refunds to policyholders," said Montana Insurance Commissioner Monica Lindeen, a member of the board. "Agricultural producers are fortunate to have this innovative program."
At its Dec. 3 meeting, the board decided premiums for the 2010 crop year will remain the same as those charged this year, said board Chairman Gary Gollehon of Brady.
Serving with de Yong, Lindeen and Gollehon on the board are producers Trudy Laas Skari of Chester and Jim Schillinger of Baker. For more information about state hail insurance, contact the Montana Department of Agriculture's hail specialist at (406) 444-2402 or by email at agr@mt.gov. (Contact: Contact: Lee Boyer, (406) 444-2402)