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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.
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.
ORGANIZATIONAL STRUCTURE
- Administration and Finance
- Inspection and Adjustment
- Office of the Executive Director
- Programs and Agricultural Security
- Technology and Information
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.
| Statistical Data |
2011 |
2012 |
2013 |
|
| Agricultural insurance applications received |
6,417 |
6,467 |
6,417 |
| Applications rejected for not meeting requirements |
36 |
46 |
46 |
| Cases denied |
390 |
410 |
410 |
| Claims paid (dollars) |
1,000,000 |
1,000,000 |
1,000,000 |
| Inspections to farms |
6,585 |
6,615 |
6,615 |
| Insurance policies issued (per crop) |
6,177 |
6,458 |
6,458 |
| Insured farmers |
3,425 |
3,515 |
3,515 |
Customers
Farmers
FISCAL YEAR 2012-2013 PROPOSED BUDGET
The proposed consolidated budget for the Fiscal Year 2012-2013 amounts to $4,526,000 in Revenues from Internal Resources, wich are generated from the sale of farm insurance premiums.
Operational expenses reflect an increase of $316,000 when compared to funds assigned in fiscal year 2011-2012. The agency expects to insure more farmers, thus the increase in Revenues from Internal Sources.
This insurance protects farmers investments, the credit institutions that finance the different farming industries and government investments through incentives provided by the Department of Agriculture and its agencies.
These resources will allow the Corporation to comply with the faculties and duties established by its Organic Law and continue to promote and educate farmers on the benefits of issuing insurance to protect their investments.
SUMMARY OF AVAILABLE RESOURCES
| Consolidated Budget (thousands $) |
2010 |
2011 |
2012 |
2013 |
|
| Program |
|
| Operational Expenses |
Actual |
Actual |
Budget |
Proposed |
| Agricultural Insurance Against Loss of Crops |
3,225 |
4,210 |
4,210 |
4,526 |
| Subtotal, Operational Expenses |
3,225 |
4,210 |
4,210 |
4,526 |
| Total, Program |
3,225 |
4,210 |
4,210 |
4,526 |
| |
| Funding Sources |
|
| Operational Expenses |
|
| Revenues from Internal Sources |
3,225 |
4,210 |
4,210 |
4,526 |
| Subtotal, Operational Expenses |
3,225 |
4,210 |
4,210 |
4,526 |
| Total, Funding Sources |
3,225 |
4,210 |
4,210 |
4,526 |
| |
| Expense Category |
|
| Operational Expenses |
|
| Payroll and Related Expenses |
2,263 |
2,139 |
2,253 |
2,390 |
| Rent and Utilities |
27 |
25 |
25 |
38 |
| Purchased Services |
346 |
283 |
268 |
424 |
| Donations, Subsidies, and Distributions |
5 |
5 |
5 |
15 |
| Transportation Expenses |
10 |
10 |
10 |
10 |
| Professional Services |
386 |
640 |
508 |
508 |
| Other Expenses |
84 |
1,008 |
1,006 |
1,006 |
| Equipment Purchases |
32 |
10 |
20 |
20 |
| Office Supplies and other Materials |
68 |
60 |
95 |
95 |
| Advertising and Media Expenses |
4 |
30 |
20 |
20 |
| Subtotal, Operational Expenses |
3,225 |
4,210 |
4,210 |
4,526 |
| Total, Expense Category |
3,225 |
4,210 |
4,210 |
4,526 |
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