EAST SMETHPORT — Reducing your financial risks was the topic of the speaker who addressed the more-than-50 attendees Tuesday at the fall annual meeting of the McKean-Potter Farm Bureau at the East Smethport United Christian Church.
Matt Ludwig, risk management consultant for Nationwide Insurance, said, “Taking appropriate steps that protect your business can reduce exposure to unnecessary claims and possibly expensive lawsuits. One step can be risk transfer, which can be done effectively through written contracts, especially when hiring independent contractors. Read every contract to be certain it is inclusive and enforceable.”
Ludwig continued, saying, “Generally, it’s prudent to transfer as much risk as you can accept through contracts to reduce business liability, and buy insurance for the remaining coverage.”
Waivers, according to Ludwig, are often the least preferred transfer of risk and not a catch-all solution.
Insurance is even more critical for farmers today as they try to offset the loss of usual farm income by opening their properties for agritainment, which combines agriculture and entertainment with large group activities such as corn mazes, pet zones, pumpkin patches, hayrides and “pick your own” areas.
Several representatives of agricultural agencies presented reports.
Dennis Snyder, senior account supervisor for the Farm Management Service, the Pennsylvania Farm Bureau’s members service corporation, reminded the farmers about applying for rebates of the state and federal taxes paid on each gallon of gas bought if it is used for farming purposes.
Additionally, Snyder said, Friday is the final day for farmers who have had production losses due to the trade war with China to apply for payments. These losses can include corn, wheat, cotton, dairy, soybeans and hogs.
Brendan Reed, Region 7 Organization director for the Pennsylvania Farm Bureau, reported on Nationwide’s Golden Owl Award, which recognizes the Agricultural Educator of the Year.
The Farm Bureau and Nationwide partnership goes back to 1926 when Farm Bureau leaders launched a member-owned company known as the Farm Bureau Mutual Automobile Insurance Company, Then in 1955, to avoid any confusion with other Farm Bureau insurance companies, the company became Nationwide, the nation’s leading farm insurer.
Discussion was held on three-policy resolution recommendations relating to restrictions on fracking in the oil industry, loosening restrictions on planting and growing of industrial hemp and the distinctions of plant-based food and meat.
The McKean-Potter Farm Bureau recommends that there be no additional restrictions placed on oil and gas industry, which provide jobs and income for our counties.
Further, this group recommends that any restrictions on industrial hemp be clarified.
Regarding the policy resolution on plant-based food not to be called “meat,” the members agreed, “meat is meat.”
These recommendations will be submitted to the Pennsylvania Farm Bureau for additional consideration at the state level.
Three local directors, Dave Peterson, Tom Edgreen and Mike Mangan were reelected to three-year terms. Dave Stratton was returned for a one-year term.
President Dan Shetler, Vice-President Edgreen and Director Mangan will be delegates to the Pennsylvania Farm Bureau’s annual meeting in November.
