By Ryan Hanrahan
Progressive Farmer’s Chris Clayton reported that “farmers will get a two-month reprieve on their crop insurance premiums this year and USDA will also reinstate prevented planting buy-up coverage as well, Agriculture Secretary Brooke Rollins announced Tuesday.”
“Rollins spent Tuesday morning at the Farmfest show in south-central Minnesota, making announcements on crop insurance and detailing USDA’s plans to modernize and improve data collection for crop reports,” Clayton reported. “The Risk Management Agency (RMA) will provide farmers with 60 additional days to pay crop insurance premiums. The scheduled premium billing dates between July 1 and Sept. 30 will be extended 60 days by crop insurance providers.”
“‘For some of you, that may not be a big deal, but I know for others of you, that’s a really, really big deal,’ she said,” according to Clayton’s reporting. “During that extended period, approved insurance providers ‘may waive interest charges,’ Rollins said. Interest will begin accruing for unpaid premium and administrative fees only after the end of the additional 60-day period, she said.”
Agri-Pulse’s Noah Wicks reported that “Rollins also stated the agency would be reinstating the buy-up coverage option for prevented planting, which allows producers to choose to pay a slightly higher premium to qualify for an indemnity payment 5% higher than the basic coverage.”
Source : illinois.edu