04-23-2020
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Use or disclosure of information or data 1 Proprietary Property of Watts & Associates, Inc. <br />contained on this sheet is subject to the <br />restrictions on the title page of this proposal. Copyright © 2020 Watts & Associates, Inc. All Rights Reserved. <br />EXECUTIVE SUMMARY <br />Watts and Associates, Inc. (W&A) was previously engaged by AE2S Incorporated in Fargo, <br />North Dakota, to provide an overview of crop risk mitigation options (crop insurance) for an area <br />of approximately 30,000 acres of cropland that would serve as a floodwater retention (staging) <br />area for the Metro Flood Diversion Authority (hereinafter referred to as the “Authority”) flood <br />management plan. Producers (growers) of agricultural crops in the staging have expressed <br />concern regarding compensation for crop loss due to flooding events induced by the <br />Comprehensive Project. <br />W&A has met with AE2S and stakeholders in the staging area to review crop loss concerns and <br />identify potential solutions to providing crop loss mitigation in the staging area. W&A is <br />proposing a two phase approach to this effort. <br />Phase I involves utilizing the existing crop insurance program (as administered by the United <br />States Department of Agriculture (USDA) Risk Management Agency (RMA) and delivered <br />through the private crop insurance sector) as the basis to provide crop insurance coverage in the <br />staging area in accordance with RMA and crop insurance industry loss adjustment and <br />indemnification procedures. Phase I is practical with regard to grower education and program <br />administration. <br />Phase II involves development of a crop insurance product specifically for the staging area <br />(inclusive of the risks due to Comprehensive Project induced flooding). Phase II is considerably <br />more sophisticated, and will require extensive data collection and product development that will <br />result in a comprehensive insurance product that is inclusive of policy and provisions, <br />underwriting controls, actuarial analysis, premium rate development, and loss adjustment. <br />Phase I and II can be performed simultaneously or independently. Phase I provides a mechanism <br />for immediate implementation of crop risk mitigation in the staging area, whereas Phase II will <br />require a longer development and implementation time frame. <br />Budget and timeline information are provided in this proposal, as well as a capability statement <br />for W&A. W&A is a crop insurance developer, and thus is not involved in selling crop <br />insurance products to potential stakeholders. W&A will not obtain any revenue from the sale of <br />the product(s) if any developed as a part of this effort.
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