NAU Country leads the development of Enhanced Coverage Option (ECO) to Help American Farmers Further Protect Their Crops
RAMSEY (October 12, 2020) — Dynamic weather trends leading to poor farming conditions or damaged crops, can be devastating to the American farmer. To help further protect farmers from these risks, NAU Country Insurance Company, a QBE Insurance Company and one of the largest crop insurance providers in the U.S., has joined forces with Watts and Associates, Inc., an economic consulting firm specializing in risk management innovation to develop and launch the first ever Enhanced Coverage Option (ECO) for crop insurance. The area-based supplemental shallow-loss coverage shields loss from 86% up to 90% or 95%.
NAU Country President Jim Korin states, “American Farmers represent the backbone of our country. When disaster strikes, it is essential that crop insurance offers an appropriate level of coverage. As the American Farmer adapts and innovates to sustain their livelihood, the crop insurance industry needed to respond and meet those needs with evolving risk management solutions. ECO does that by offering a level of coverage needed for farmers to secure financing when they need it most. We’re pleased to bring this coverage to farmers across the country during this critical time of need.” NAU Country’s drive and focus to deliver risk management solutions for the American Farmer has led to the development of ECO. Delivered through the Federal Crop Insurance Corporation (FCIC), the new product was derived by listening to farmers and agents describe the growing demand for supplemental tools and options amongst market uncertainty and natural disasters. NAU Country Leadership sought responsible and sustainable solutions that fit within the current regulatory framework and made this product available to all American farmers. By engaging with agents and farmers, USDA’s Risk Management Agency (RMA), and through guidance from experienced product submitter, Watts & Associates, Inc., this new concept gained approval by the FCIC board to begin immediate implementation.
It is expected to be available on over 30 crops beginning in 2021 with more to follow in 2022 and beyond. Similar to Pasture, Rangeland, and Forage (PRF), Supplemental Coverage Option (SCO), and the newly available Hurricane Wind Insurance, area-based coverages leverage growth and interest in parametric type insurance. ECO is envisioned as a tool that supplements the existing individual based program and provides producers with valuable coverage to protect their livelihood and our nation’s valuable food supply.
“We are proud to release a product that enables crop insurance to offer better risk management options to the American farmer that are simple and easy to understand,” stated NAU Country’s SVP of Underwriting Bill Wilson. Talk to your crop insurance agent today to find out more about this important new coverage.
For more information about NAU Country, please visit the Company’s website at https://www.naucountry.com/.
About NAU Country
NAU Country Insurance Company, a QBE Insurance Company, is a leading multi-peril crop insurance company passionate about serving the American farmer and supporting their agents in the continental U.S. Headquartered in Ramsey, MN with branch offices in 10 locations, NAU Country has grown over the years by providing outstanding customer service and leading-edge technology. NAU Country is currently licensed in 48 states and employs over 750 field and office staff across the country. As a division of QBE Insurance Group Ltd., one of the top 20 insurers worldwide, NAU Country has the financial strength for today's insurance environment. For more information, visit https://www.naucountry.com/.
For more information, contact:
QBE North America