Watts and Associates, Inc.
4331 Hillcrest Road
Billings MT 59101
(406) 252-7776

Tim Watts has served as the Project Director/Task Manager on all of the 40 W&A crop insurance division projects totaling in excess of $20 million in consulting fees. Mr. Watts was the founder of W&A and has served as the president of the organization since the inception. He, along with other members of the team, has been involved in seminal efforts in the U.S. with both index-based and indexing based development efforts.

In addition, current efforts are:
  • President, Watts and Associates Inc
  • Core member of the team organizing the Institute
  • Crop insurance reform in the US Farm Bill
  • Catastrophic livestock insurance development efforts
  • Large scale weather derivative developments
  • International risk management developments and evaluations for agriculture
  • Livestock identification systems

M.S., Applied Economics, Montana State University, Bozeman MT, 1988.
B.S., Agricultural Business with emphasis on economics, agricultural finance, and marketing, Montana State University, Bozeman MT, 1981.
Program of Study and Comprehensive Examination in Farm Financial Analysis presented by MSU Agriculture Economics Dept. and Extension Economics.
Continuing Legal Education and Economics Seminars.

National Association of Forensic Economists.
Western Agricultural Economics Association.
American Agricultural Economics Association.
American Bankruptcy Institute

President and Senior Applied Economist, Watts and Associates, Inc., 1986 to Present
Historically this firm consults on damage calculations, civil suits, business and business interest valuations, dissolution analysis, and bankruptcy financial analysis for individual and corporate businesses. Watts and Associates, Inc. has either performed on or is currently working on 38 contracts totaling in excess of $20 million with the United State Department of Agriculture for feasibility studies and crop insurance development work as well as an additional 2 contracts for The World Bank.

A list of projects follows:

  • Projects Awarded Fiscal Year 2008:
  • Quarantine Endorsement Pilot Program – $254,004.46 (Ongoing).
  • Private Submission to FCIC – $250,000.00 (Ongoing).
  • Expert Review Support – Cherries – $49,962.56 (Ongoing).
  • Research Report – Navel Oranges – $271,451.17 (Ongoing).
  • Economic Consulting Services for Margin Coverage Program – $100,000.00 (Ongoing).

  • Projects Awarded Fiscal Year 2007:
  • Poultry Production Loss Gap Analysis – $76,492.81 (Completed).
  • Expert Review of the Section 508(h) Biotech Yield Endorsement – $31,346.40 (Completed).
  • CA Avocado Actual Production History (APH) Plan of Insurance Development – $155,880.87 (Ongoing).

  • Projects Awarded Fiscal Year 2006:
  • Livestock Insurance Product Evaluation (LRP and LGM) – $584,379.31 (Completed).
  • World Bank Task Managers Instruction – $4,000.00 (Completed).
  • Agriculture Insurance Technical Assistance for India – $168,176.00 (Completed).
  • Alternative Sugar Beet Byproduct Uses Research and Feasibility Analysis – $149,599.53 (Completed).
  • Private Sector Risk Management Partnerships (PSRMP) Project for Individualized Area Based Insurance – $567,000.00 (Completed).

  • Projects Awarded Fiscal Year 2005:
  • Development of a Pilot Program for Indexing for Category B Crops (Declining Yields) (Subcontractor) – $1,379,428.02 (Ongoing).
  • Review of the Livestock Risk Protection (LRP) Lamb Endorsements Program (Additional Expert Review) – $6,810.00 (Completed).
  • Actuarial and Underwriting Review of the Livestock Gross Margin Pilot Program for Cattle – $40,380.80 (Completed).
  • Onion Stage Removal Pilot Evaluation – $120,787.92 (Completed).
  • Holistic Debt, Crop Insurance, and Whole Farm Financial Risk Management Tool – $306,835.00 (Ongoing).

  • Projects Awarded Fiscal Year 2004:
  • Review of the Livestock Risk Protection (LRP) Lamb Endorsements Program – $20,190.00 (Completed).
  • Sweetpotato Pilot Program Development – $824,778.43 (Ongoing).
  • Research and Development for Small Value Crops – $1,254,019.87 (Ongoing).
  • Development of a Risk Management Program for Pasture/Rangeland and Forage – $3,126,552.64 (Ongoing).

  • Projects Awarded Fiscal Year 2003:
  • Revenue Insurance Program Development – $3,127,863.31 (Ongoing).
  • Research Report for Storage Insurance Options for Apples, Onions, Sugar Beets, and Sweetpotatoes – $296,538.49 (Completed).
  • Research Report for Hybrid Sunflower Seed, Sesame, and Spelt Crops – $374,359.99 (Completed).
  • Pasture and Rangeland Program Insurance Development – $316,060.65 (Completed).
  • Group Risk Plan Rangeland Program New Index Research and Development – $118,724.46 (Completed).
  • Actuarial and Underwriting Reviews of the APH/RA/CRC Rate Analysis – $27,608.58 (Completed).
  • Actuarial and Underwriting Review of the “Livestock Risk Protection Program – Program Update for Feeder Cattle, Fed Cattle, and Swine” – $18,196.99 (Completed).
  • Actuarial and Underwriting Review of the “Adjusted Gross Revenue – Life Plan of Insurance” – $18,114.97 (Completed).
  • Actuarial and Underwriting Review of the “Coffee Production and Tree Plan” – $23,329.70 (Completed).
  • Sweetpotato Pilot Evaluation – $153,414.94 (Completed).

  • Projects Awarded Fiscal Year 2002:
  • Research and Development of a Pilot Crop Insurance Program for Silage Sorghum – $299,100.50 (Completed).
  • Research Report for Livestock Insurance Program – $866,062.73 (Completed).
  • Evaluation of the Group Risk Plan – Rangeland Pilot Insurance Program – $366,309.19 (Completed).
  • Quality Review of Dry Bean and Sugar Beet Crop Insurance Policies – $287,542.33 (Completed).
  • Christmas Tree Research and Development Insurance Program – $765,721.94 (Ongoing).
  • Livestock Risk Protection Plan – Fed Cattle Review, Feeder Cattle Review, Dairy Review – $39,533.92 (Completed).
  • Review of the Adjusted Gross Revenue (AGR-Lite) Plan of Insurance – $13,302.36 (Completed).
  • Cultivated Wild Rice Pilot Evaluation – $271,832.11 (Completed).
  • Prevented Planting (Subcontractor to SAIC) – $194,467.00 (Completed).
  • Review of the AUP and ELS Cotton Skip Row Planting Factors – $174,005.55 (Completed).

  • Projects Awarded Fiscal Year 2001:
  • Research Report for Cotton Boll Weevil Eradication Program Impact on Actual Production History (APH) Yields – $221,095.61 (Completed).
  • Research Report for Multiple Year Coverage – $487,000.00 (Completed).
  • Research Report for Feasibility of Revenue Coverage Plan that Maximize Producer Revenue – $931,000.00 (Completed).
  • Review of MVPrice™ Endorsement – $20,526.20 (Completed).
  • Review of Livestock Risk Protection Underwriting Review – $20,562.00 (Completed).
  • Livestock Gross Margin Insurance Policy Underwriting and Actuarial Review – $19,776.96 (Completed).
  • Applying Data Warehousing, Data Mining, and Data Analysis Techniques Toward Crop Insurance Loss Pattern Analysis Project (Compliance) – $1,409,733.00 (Completed).
  • CAT Rating Methodology (Subcontractor) – $122,758.00 (Completed).

  • 1982 – 2000:
  • Farm and ranch risk management and financial analysis – Watts and Associates, Inc. regularly assist agricultural clients with ongoing farm and ranch decisions involving income, production, and credit risk management. Watts and Associates, Inc. routinely develop long-run planning scenarios for specific farm operations based on historical production and income and expense history. Further, we analyze historical farm records in relation to regional indicators to assess potential income and production risks.
  • Expert witness testimony – Watts and Associates, Inc. has provided testimony in more than 350 cases, assisting the legal and business community by providing an economic perspective to the analysis of complex economic and business issues.
  • Economic damage determination and breach of contract and implied contract - Watts and Associates, Inc. has participated in numerous cases from class action suits to single party suits with damages ranging from $100,000 to $400 million.
  • Lost profits analysis – Substantial participation in numerous cases.
  • Case management – Assist counsel in identifying, locating, and coordinating expert witnesses and developing case strategies.
  • Franchisee and franchiser litigation – Determine damages resulting from loss of crop and livestock production in agriculture.
  • Large-scale tax matters and litigation economics – Participation in numerous cases involving capital gains taxes upon liquidation, estate tax matters, and disputed income taxes - capital gains taxes, inheritance taxes, and income taxes ranging from $50,000 to $500 million.
  • Business reorganization and bankruptcy – Experience in more than 1,500 restructures and more than 150 reorganization bankruptcies - Chapters 11 and 12.
  • Discount rate issues – Developed a publication on discount rate issues to assist the legal community in various issues of lost earnings and profits.
  • Clients – United States Department of Agriculture, Farm Services Agency, Risk Management Agency, Department of the Army, Department of Justice, U.S. Attorney, State of Montana, United States Trustee, Internal Revenue Service, various insurance companies, various law firms, plaintiffs, defendants, and hundreds of agricultural producers.


Goals for the Institute

Developing Countries:
To develop sustainable agricultural risk management programs for developing countries that result in economic stability and new sources of “risk capital” for their agriculture sectors.

Developed Countries:
To provide a training, succession planning, and “analytical research capability” environment for developed country governments and private companies engaged or expanding their work in agricultural risk management.

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Web Site Last Updated
April 15, 2010