The Risk Management Agency recently provided a listening session on Prevented Plant Crop Insurance. North Dakota Dry Bean Council representative and Northarvest Crop Insurance Committee Chair, Joshua Ihry provided verbal comments on behalf of Northarvest dry bean grower membership. The five specific points RMA requested information on included: 1) Harvest Price Option; 2) “1 in 4” Rule; 3) 10 Percent Additional Coverage Option; 4) Contract Price; 5) and willingness to pay more premium for additional options. NBGA supports prevented planting payment calculations to be based on the higher of the spring projected price or the published harvest price (certain classes of dry beans may have a yield drag that pulls down their revenue). Ihry says priorities for dry bean producers differ from other commodities like corn, wheat, and soybeans because there is no way to properly track price data without the use of dry bean buyers providing price discovery. NBGA supports the “1 in 4” Rule as written and are happy with the clarification the rule provides. The 10 percent additional coverage option has been available in the past, but Ihry shared that having it available to farmers continuously is important (providing 2–3-year commitment would likely assist in preventing fraud). Premiums are higher on contracted crops and having RMA provide pre-defined parameters of payment above base payment for the increase in premium would be beneficial for prevent plant crop insurance enrollment.
https://northarvestbean.org/wp-content/uploads/northarvest-bean-logo.png 0 0 Red River Farm Network https://northarvestbean.org/wp-content/uploads/northarvest-bean-logo.png Red River Farm Network2023-08-11 14:56:472023-08-11 14:56:47RMA Provides Prevent Plant Listening Session