Farmers nationwide will get up to a 60-day extension to pay crop insurance premiums, USDA's Risk Management Agency announced Tuesday.
In an effort to help address drought conditions, RMA is authorizing crop insurance companies -- Approved Insurance Providers or AIPs -- to extend deadlines for premiums, administrative fees and interest for up to 60 days, or the termination date on the policy, whichever comes first. USDA also is authorizing AIPs to waive interest for an additional 60 days for Written Payment Agreements due between August 1 and September 30, 2021.
“Farmers and ranchers are weathering tough drought conditions this year, and we want to help ease the burden by extending payment deadlines and deferring interest accrual,” said Richard Flournoy, RMA's acting administrator. “USDA is using all of the tools in the toolbox to help producers amid the drought, including these crop insurance flexibilities.”
Along with providing flexibility on premiums and fees, USDA noted RMA also had authorized emergency procedures on July 13 to help streamline and accelerate loss adjustments and the issuance of indemnity payments in areas affected by drought. RMA also on July 6 adjusted rules to allow producers with crop insurance to hay, graze or chop cover crops at any time and still receive 100% of prevented-planting payments.
More details can be found at the RMA website: https://www.rma.usda.gov/…
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