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Saturday, October 30, 2004
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Crop Insurance Deadlines Near
Risk Management Agency
Program Announcement
Contact: Eric
Edgington (202) 690-2539
Eric_Edgington@wdc.usda.gov
Washington, DC, Feb. 26, 2001 – USDA's Risk Management Agency (RMA) today reminded producers of the February 28 and March 15 sales closing dates for crop insurance. These sales closing dates apply to most of the spring planted crops in the U.S.
As a result of the enactment of the Agricultural Risk Protection Act of 2000, producers will be paying considerably less for those policies than they did last year. Many producers are taking advantage of the reduced premiums to obtain crop insurance for the first time or upgrade their coverage.
Subsidy Changes:
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| Old Subsidy* | 55% | 46% | 38% | 42% | 32% | 24% | 17% | 13% |
| New Subsidy** | 67% | 64% | 64% | 59% | 59% | 55% | 48% | 38% |
*Applied to major crops that were under APH coverage plan. For revenue plans, subsidy applied to yield portion of premium only. Rates of subsidy also could differ for price elections less than 100%.
** Applies to all plans of insurance (except group risk-based policies) and all price levels within a coverage level.
In addition to higher levels of coverage, the catastrophic level of insurance protection (CAT) is available to producers. For only $100 per crop per county, producers may obtain this basic level of protection. Limited resource farmers may not have to pay the $100 fee for CAT coverage if they qualify for a waiver. Forms are available from crop insurance agents.
Farmers who need more information about sales closing dates or their insurance options should contact a crop insurance agent. A listing of crop insurance agents is available at local Farm Service Agency offices or at http://www3.rma.usda.gov/tools/agents/.
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