Posts

Last Change for Crop Insurance

/in , , /by
 
 
The final date to apply for crop insurance for spring crops, including dry beans, is March 15 for the 2021 crop year. Current policyholders who wish to make changes to their existing coverage also have until the March 15 sales closing date to do so.
 
Producers are encouraged to visit their crop insurance agent soon to learn specific details for the 2021 crop year. Agents can help producers determine what policy works best for their operation and review existing coverage to ensure the policy meets their needs.
 
A list of crop insurance agents is available online using the Risk Management Agent Locator. Producers can use the RMA Cost Estimatorto get a premium amount estimate of their insurance needs online.

Dry Bean Projected Prices Released for 2021 CY

/in , , /by
USDA’s Risk Management Agency (RMA) has approved the 2021 Crop Year (CY) projected prices for Yield Protection, Revenue Protection and Revenue Protection with Harvest Price Exclusion plans of insurance. The projected prices and volatility factors are applicable for the states, crops and types. Projected Prices and Volatility Factors apply to Supplemental Coverage Option (SCO) and Enhanced Coverage Option (ECO).
 
RMA is also providing additional projected prices for selected dry bean types where the Dry Bean Revenue Endorsement (DBRE) and Dry Pea Revenue Endorsement (DPRE) do not offer coverage for price movement. Per the Special Provisions, the additional projected price shall be the basis for the premium determination and settlement of claims.
 

New Crop Insurance Option for 2021

/in , , /by
USDA’s Risk Management Agency (RMA) recently released a new crop insurance option for dry edible beans, along with 30 other crops. The New Enhanced Coverage Option (ECO) provides additional area-based coverage for a portion of underlying crop insurance policy deductible.  A fact sheet on the ECO option is available here: Enhanced Coverage Option (ECO). An article with examples of how the coverage works from the University of Illinois is also available here: University of Illinois ECO Insurance Examples for Farmers.

Select Counties Can Hay/Grazing Cover Crops Early

/in , , /by
USDA’s Risk Management Agency is opening up haying and grazing of cover crops on prevent plant acres to September 1 for 42 counties in the Dakotas. This response follows letters sent from North Dakota farm groups, noting the backlog in livestock numbers due to the COVID-19 pandemic and large amount of PP acres in the state due to excessive flooding. The 23 qualifying North Dakota counties include: Barnes, Cass, Grand Forks, Nelson, Steele, Stutsman and Wells.
 

RMA Extends Deadlines, Defers Interest Accrual Date

/in , , /by
The USDA Risk Management Agency is allowing crop insurance providers to extend deadlines for premium and administration fee payments. This allows the providers to defer interest accrual for these payments.
 
“USDA recognizes farmers and ranchers have been severely affected by the COVID-19 Pandemic this year and to help ease the burden on these folks, we are continuing to extend flexibility for producers,” said U.S. Secretary of Agriculture Sonny Perdue. “The flexibilities announced today support health and safety while also ensuring the Federal crop insurance program continues to serve as a vital risk management tool.”
 

Crop Insurance Flexibilities Added

/in , , /by
USDA’s Risk Management Agency is authorizing self-certification on replant inspections and waiving witness signatures in certain situations as part of a broader suite of flexibilities to support producers during the coronavirus pandemic.
 
Specifically, Approved Insurance Providers may allow the use of self-certification replant inspections for certain crops with 100 gross acres (before considering share) per unit in lieu of 50 acres, and they may waive the witness signature requirement for approval of Assignment of Indemnity through July 15, 2020, for applicable crop years. Get the full details.

Crop Insurance Premiums Due Jan. 31

/in , , /by

USDA’s Risk Management Agency is reminding farmers that crop insurance premiums are due January 31. Accrual of interest had been deferred for the 2019 crop year. If it’s not paid by then, the interest will attach on February 1, calculated from the date of the premium billing notice. The extended interest deferral built on other steps taken by USDA to support farmers and ranchers impacted by flooding and other disasters. As of January 13, RMA has paid roughly $8.1 billion in overall claims for the 2019 crop year.

Learn more.

RMA to Defer Interest on Crop Insurance Premiums

/in , , /by

To help farmers hurt by the extreme weather, USDA’s Risk Management Agency will defer the accrual of interest on 2019 crop insurance premiums until the end of January. USDA Under Secretary Bill Northey made that announcement at the National Association of Farm Broadcasting convention. The Agriculture Department had previously announced a deferral until November 20 from the established September 30 deadline. Northey, who spent time last week in Minnesota and North Dakota, said the extension is needed due to the very delayed harvest.

Prevent Plant ‘Top Up’ Payments to be Paid in October

/in , , /by

Farmers who filed a prevent plant claim will automatically receive a ‘top-up’ payment. A ten percent payment will be made to farmers with Yield Protection and Revenue Protection with the Harvest Price Option. Those with Revenue Protection will receive 15 percent.

“This has been such a tremendously tough year for producers and frankly, insurance guarantees aren’t as high as we’d like them based on the low commodity prices,” said Martin Barbre, administrator, Risk Management Agency. Barbre says the crop insurance companies will begin making the ‘top-up’ payments in mid-October. “I applaud the companies for stepping up and signing this agreement to bring these important funds to their producers.

USDA RMA Press Release

Crop Insurance Interest Accrual Deferred

/in , , /by

USDA’s Risk Management Agency will defer accrual of interest for all farmer’s spring 2019 crop year premiums, due to the extreme weather conditions, for two months or until November 30. That’s for all policies with a premium billing date of August 15. According to the USDA, any premium not paid by one of these new deadlines will accrue interest consistent with terms of the policy. Without the deferral, policies with an August 15 premium billing date would have an interest attach starting October 1 if policies weren’t paid by September 30.

Read more.