Grain Indemnity Fund reaches goal
Sep 03, 2019
An important milestone has been reached for Tennessee farmers as the Tennessee Grain Indemnity Fund recently surpassed the minimum balance of $10 million. The TGIF will suspend further assessments from grain producers following this achievement.
A 1989 law passed by the Tennessee Gen- eral Assembly oversaw creation of the fund in order to protect grain producers against the financial failure of grain dealers and ware- houses.
“It’s rare for a grain dealer or warehouse to fail,” Agriculture Commissioner Charlie Hatcher, D.V.M. said. “However, with the current challenges of trade, weather, and markets, farmers don’t need any additional uncertainty. That’s why it’s important to maintain this fund in support of Tennes- see agriculture.”
The Tennessee General Assembly passed an amendment to the Tennessee Commodity Producer Indemnity Law in 2011, increasing the minimum fund balance to $10 million. In its existence, the fund has paid $958,996 in claims to 76 producers for losses sustained as a result of a grain dealer or warehouse failure.
For more information, visit www.tn.gov/ag- riculture/businesses/business-development/ ag-businesses-grain-indemnity.html.