FARM INSURANCE CORPORATION.

LEGAL AUTHORITY

Act No. 12 of December 12,1966, as amended, known as the Insurance Law of Agricultural Services of Puerto Rico, created the Farm Insurance Corporation. Conforming to the the Reorganization Plan Num. 4 of July 26, 2010, as amended, the Farm Insurance Corporation is ascribed to the Department of Agriculture.

MISSION

Protect farmer's investment by providing agricultural insurance and other incentives.

VISION

Protect harvests against risks and dangers; and protect farm buildings included in farmer's insurance.

ORGANIZATIONAL STRUCTURE

The Farm Insurance Corporation is composed of the following organizational units:

  • Office of Administration and Finance
  • Office of Inspection and Adjustment
  • Office of Programs and Agricultural Security
  • Office of Systems of Information
  • Office of the Executive Director
  • Oficina del Director Ejecutivo Auxiliar

GEOGRAPHIC LOCATION

The Farm Insurance Corporation is located in Building Plaza 20, Avenida Hipdromo 603 in Santurce and has a regional office in Adjuntas.

PROGRAMMATIC STRUCTURE

POSITIONS FILLED

Authorized and Proposed Positions 2009 2010 2011 2012
Sept./08 Sept./09 Sept./10 Feb./11 Proj.

 

Total amount of positions 45 42 39 39 39

Data comes from the Agency's Certified Headcount Reports. Figures for Fiscal Year 2011-2012 were estimated during the budget formulation process.



PROGRAM

Agricultural Insurance Against Loss of Crops

Program Description

Provides farm insurance against loss or damage caused by natural dangers to: plantations, harvests, poultry buildings and farmers. This insurance provides farmers the financial resources needed to take care of their families, rehabilitate and operate their farms, keep contracted workers, minimize the effects of disasters and protect investors at a reasonable cost.


Objectives

  • Establish a connection with Federal Crop Insurance Corporation insurers.
  • Review the tariffs for vegetables and fruit gardens.

Statistical Data 2010 2011 2012

 

Agricultural insurance applications received 6,136 6,417 6,467
Applications rejected for not meeting requirements 83 36 46
Cases denied 408 390 410
Claims paid (dollars) 83,943 1,000,000 1,000,000
Inspections to farms 6,023 6,585 6,615
Insurance policies issued (per crop) 5,615 6,177 6,458
Insured farmers 3,661 3,425 3,515

The statistical data was provided by the Agency during the Fiscal Year 2011-2012 budget formulation process.

Customers

Farmers

Human Resources

Authorized and Proposed Positions 2009 2010 2011 2012

Managerial,Technical, Administrative, and Office Staff 37 34 32 32
Planning, Budget, Statistics, Auditing, and Finance 4 4 4 4
Information Systems 4 4 3 3
Total, Positions 45 42 39 39


FISCAL YEAR 2011-2012 ADOPTED BUDGET

The adopted consolidated budget for the fiscal year 2011-2012 includes $4,210,000 from Revenues from Internal Resources generated by the sale of farm insurance premiums.

These resources will allow the Corporation to complete its commitments and continue to promote and educate farmers on the benefits of issuing insurance to protect their investments.


SUMMARY OF AVAILABLE RESOURCES

Consolidated Budget  (thousands $) 2009 2010 2011 2012

 

Program  
Operational Expenses Actual Actual Budget Adopted
Agricultural Insurance Against Loss of Crops 4,345 3,225 4,210 4,210
Subtotal, Operational Expenses 4,345 3,225 4,210 4,210
Total, Program 4,345 3,225 4,210 4,210
 
Funding Sources  
Operational Expenses  
Revenues from Internal Sources 4,345 3,225 4,210 4,210
Subtotal, Operational Expenses 4,345 3,225 4,210 4,210
Total, Funding Sources 4,345 3,225 4,210 4,210
 
Expense Category  
Operational Expenses  
Payroll and Related Expenses 2,052 2,263 2,139 2,253
Rent and Utilities 28 27 25 25
Purchased Services 229 346 283 268
Donations, Subsidies, and Distributions 1 5 5 5
Transportation Expenses 12 10 10 10
Professional Services 553 386 640 508
Other Expenses 1,357 84 1,008 1,006
Equipment Purchases 5 32 10 20
Office Supplies and other Materials 93 68 60 95
Advertising and Media Expenses 15 4 30 20
Subtotal, Operational Expenses 4,345 3,225 4,210 4,210
Total, Expense Category 4,345 3,225 4,210 4,210