The Federal Crop Insurance Corporation, or FCIC, is a wholly owned government corporation that administers Federal crop insurance. Managed by an independent board of directors, and overseen by the USDA’s Risk Management Agency, the FCIC is charged with researching, developing and amending crop insurance products.
And the FCIC has been busy. In the early days of crop insurance, coverage was only available for wheat, cotton, flax, corn and tobacco for a total of 391 county-crop programs. Today, crop insurance coverers more than 100 different commodities and 62,000 county-crop programs.
Expansion to additional crops and new provisions and plans of insurance has been the result of Congressional actions, notably in farm bills; RMA contracting with private entities often at the request of farmers; and new pilot programs introduced through the 508(h) process, also spurred by farmer interest. Through these means, crop insurance has been successfully expanded to many new specialty crops as well as to pasture, range, forage and livestock products. New insurance plans, such as Actual Revenue History and Whole Farm Revenue Protection, have been designed to improve coverage for specialty crop and diversified farmers.