Bruce R. Townley Insurance Agency

Owner:  Bruce R. Townley
Location:  Lockwood, Mo.

History and Services:  Bruce began in 1999 for the 2000 crop year. He offers various types of Crop Insurance plus Property and Casualty Insurance are available for farm owners. Bruce, a certified Livestock Farm Equipment Appraiser, also handles appraisals and collateral inspections for area banks and attorneys.

How does crop insurance work?
“Most farmers I know have some crop insurance. With high-input costs, they can’t afford to have a crop failure.” Premiums are based on average yields for a four-year period. Farmers can insure a percentage of their yield each year. “Most people choose 65-70 percent level of insurance. Any higher than that and it gets a little pricey” Prices are established in the spring. If there is a loss, the insured farmer will be paid based on that price, the average yield history and the percentage of coverage obtained.

What are some types of crop insurance?
Farmers can protect themselves against loss due to naturally occurring disasters such as drought, insects and flooding with Multiple Peril Crop Insurance (MPCI) but they can also protect themselves against declining prices in the market with a revenue policy: Crop Revenue Coverage (CRC) or Revenue Assurance (RA). The insurance program is administered by the Risk Management Agency (a part of the USDA). There are lots of deadlines – sales closing deadline, production reporting deadline, an acreage-reporting deadline. One of my biggest jobs as an agent is to keep farmers informed.”

What is your personal Ag background?
“I farmed all my life. In the 80s and 90s my father and I had some of those bad years and we never had insurance. That’s one of the reasons I no longer farm.” Bruce does have a 320-acre operation with about 90 head of beef cattle.
By Vince Crunk


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