Pork producers now have access to insurance coverage for two viruses that can have a significant financial impact on their herds.
James Allen Insurance, a family-owned farm and ranch insurance company, announced in a news release this week, coverage for Porcine Reproductive and Respiratory Syndrome (PRRS) and Porcine Epidemic Diarrhea (PED) to pay farmers for a lack of production resulting from these two viruses. It is the first coverage of its kind in the industry.
"Pork producers have shown concern for both PRRS and PED as these diseases can severely lower production and have severe financial effects on their operations," said Tim Craig, CEO of James Allen Insurance in the release. "Hearing this need, we have created insurance coverage to transfer the financial risk of a break."
As the industry knows, PRRS is prevalent throughout the U.S. and even with good biosecurity practices, it’s difficult to keep it out of an operation. And while the industry hasn’t seen a severe, widespread outbreak of PED since 2014, the disease is still circulating.
"Take the PED break that happened in Oklahoma just a few weeks ago,” Craig said in the release. “The financial impact of that one event will have over a $15 million impact on pork producers in the state who were uninsured.”
He said the insurance product would allow for that risk to be transferred from the producer to an insurance policy, “creating financial stability and peace of mind."
Capacity is limited and coverage will be placed on a first come, first serve basis, the company said, and different levels of coverage are available. For more information, visit the PRRS and PED information page or call 317-324-6991.