In Focus: Four Questions With Bob Stallings
January 1, 2010 Editor’s Note: Bob Stallings is the owner and president of Stallings Crop Insurance Corp., the largest crop insurance provider in the Southeast.
1. Florida Grower (FLG): Are there any new developments in crop insurance that growers should be aware of?
Stallings: “New developments seem to come out each new crop year. The Risk Management Agency is constantly tweaking policy language and changing rates in one form or another. For example, in the 2010 crop year Fresh Market Tomato Policy, they changed pricing structure on the Policy Value Options.”
2. FLG: What are some common mistakes growers make when insuring or protecting their crop and business?
Stallings: “Growers need to ensure that they purchase the protection that they really need as part of a sound risk management plan. They should budget their crop insurance premium costs directly into the overall budget, just like seed, fertilizer, or any other costs of doing business.”
3. FLG: What are some steps growers can take to ensure that they are getting the most out of their crop insurance program?
Stallings: “Knowing the requirements of their crop insurance policy is paramount. All policies have certain reporting requirements and good farming practice rules that you must follow in order to be able to collect in the event of a claim. No one wants to have to find out what the rules are, after they have filed claim.”
4. FLG: In your dealing with growers on daily basis, what are you hearing from your customers in terms of challenges and opportunities?
Stallings: “Farmers are constantly being asked to do less more with more. The cost effectiveness of growing certain types of crops is being called into questions. The continued rise of input costs Vs. the decline of return on your investment is not a sustainable business model, so something has to give.”
