By AL BATT
Contributing writer
How do you get a farmer to a meeting?
The same way you get nonfarmers to a meeting. Attendees seek wisdom, useful information, good company, food and door prizes.
The 22nd Annual Ag Summit, presented by Americana Insurance Group and Commerce Bank, held at Wedgewood Cove in Albert Lea (because all roads don’t lead to Rome) on February 1, provided all those necessary things. Sponsors were AgriSompo North America, Nationwide and Farmers Mutual Insurance Company (in suburban Manchester).
Farming isn’t rocket science. It’s more complicated than that. Every enthusiastic speaker deserved my attention and got it.
Tom Sorenson, Agency Director of Americana Insurance Group, gave a compilation of 2021 statistics, trends and averages for Americana Insurance Group because without numbers, things don’t add up.
The presenters were kind enough to draft their thoughts and takeaways to make my job easier.
Doug Becker, Director of Risk Management Services for Nationwide Agribusiness, spoke of the sizable increase in values of equipment and buildings. He offered recommendations for insuring them properly. Wrote Becker, “Although others from our organization have been involved in the past, this was my first time for the Ag Summit. Americana did a great job in setting up a variety of items for the attendees and provided an opportunity to update several farmers at once. We are in unique times that we do not see often. The last time was 2007 with the type of increases we have been experiencing with values on used equipment. Generally, farmers are accustomed to their equipment reducing in value year over year. Although this may not be a long-term trend, it is important to be in tune with values today to make sure folks are covered appropriately in the event they experience a loss involving equipment through this period. Grain Bin Safety Week is February 20-26. Go to thinkgrainbinsafety.com for more information on safely handling grain.”
Lisa Quist, Regional Vice-President Land As Your Legacy Nationwide, and Jolene Honkamp, Benefits Adviser, Noah Insurance Group, offered several presentations on succession planning. Quist wrote, “I have heard about this event for several years, so I really appreciated the opportunity to be a part of it this year. Americana did a fantastic job of pulling this event together and bringing in a wide range of experts in their field to present to the Americana clients. Transition planning for farmers and ranchers is a huge need in rural America that will affect many operations in the next 5-10 years. It is important to start these conversations early with your family to have the highest chance of success. Open, honest, and frequent communication is key to a successful transition of the operation from generation to generation.”
Megan Roberts, Extension Educator in Agricultural Business Management for the University of Minnesota Extension, offered a look at the PLC and ARC of the future. Wrote Roberts, “It was great to be in-person for the Ag Summit this year and get the chance to chat with farmers about the upcoming growing season. With higher commodity prices, folks are cautiously optimistic about the next year, and it's certainly nice to have some strong prices as we move into 2022. The Farm Bill Agriculture Risk Coverage and Price Loss Coverage programs are an important safety net for commodity crop producers. Hopefully, prices will stay high and yields will be good in 2022, and we won't need to utilize either program. But we never know what will happen, so it is still essential to make your ARC/PLC election for 2022 at your local USDA Service Center by the March 15 deadline.”
Tanner Schroder, Regional Claims Manager AgriSompo North America Crop Insurance, talked of third-party damage, something the emergence of Dicamba brought to the forefront. Shroder wrote, “The Ag Summit is one of the most effective agency run producer meetings in Minnesota. With an insurance focus, the Ag Summit offers a wide variety of educational presentations that are producer-based. The atmosphere comes both informational and humorous, which makes it a good time. Third-Party Damage to a crop is not a covered peril with your crop insurance policy but you have options that will gain producers coverage in the future. Contact your agent if you have Third Party Damage.”
Elliot Konschak, Vice-President Research & Development AgriSompo North America, did a presentation on his company’s BAND coverage, which allows a grower to create a customizable crop insurance product. Konschak wrote this, “The Ag Summit provided growers information on their primary risk management needs: insurance for property and equipment for their farming operation; asset management and securing the future of the family farm legacy; and, finally, crop insurance for annual challenges due to weather and commodity prices. Crop insurance should be leveraged to execute a marketing plan to cover input costs and reasonable profit. The BAND Coverage can supplement Multiple Peril Crop Insurance with customization options for each individual operation—lower deductible, maximize coverage, and lock in additional price. Growers need to be a powerful voice in future Farm Bills. We encourage our growers to protect their interests and defend their interests by contacting their political representatives.”
A forum, composed of presenters and sponsors, deftly answered questions from the attendees. Several presenters spoke appreciatively of the service provided by Collin Peterson as an effective voice of the farmer. The former Representative of western Minnesota's sprawling 7th Congressional District played a key role in writing a decade's worth of Farm Bill legislation and chaired the House Agriculture Committee. He'd been closely aligned with Minnesota farmers and protected federal farm programs.
Lunch was served. It was wicked good.
A summit takes us to the highest point. Will I remember everything I learned at the 22nd Annual Ag Summit? Not likely. That gives me a reason to attend next year.