Enhancements to Agriculture Financial Services’ Moisture Deficiency Insurance (MDI) have resulted in a delay for long season claim payments.
Jesse Cole, manager of Insurance Products and Product Innovation, explained that producers with late season split and full season coverage typically receive their claim payments by the beginning of October. With the delay, producers should expect to see their payments by the third week of October.
“We upgraded MDI coverage this year in response to clients’ concerns,” said Cole. “The enhancements include a higher moisture threshold and a brand new extreme temperature element. As it is the first year with these upgrades, it’s taken a bit longer to acquire and process the necessary data.
“We understand that farmers are counting on their claim payments, especially as many are still feeling the effects of last year’s dry conditions, and we are working to get the payments to producers as quickly as possible.