USA - USDA to defer interest on crop insurance premiums

21.08.2019 756 views
The U.S. Department of Agriculture’s Risk Management Agency (RMA) announced it will defer accrual of interest for all agricultural producers’ spring 2019 crop year insurance premiums to help the wide swath of farmers and ranchers affected by extreme weather in 2019. Specifically, USDA will defer the accrual of interest on spring 2019 crop year insurance premiums to the earlier of the applicable termination date or for two months, until Nov. 30, for all policies with a premium billing date of Aug. 15, 2019. For any premium that is not paid by one of those new deadlines, interest will accrue consistent with the terms of the policy. “USDA recognizes that farmers and ranchers have been severely affected by the extreme weather challenges this year,” U.S. Agriculture Secretary Sonny Perdue said. “I often brag about the resiliency of farmers, but after a lifetime in the business, I have to say that this year is one for the record books. To help ease the burden on these folks, we are continuingto extend flexibility for producers with today’s announcement.” RMA administrator Martin Barbre added, “This administrative flexibility is not unprecedented but is a move RMA takes seriously and only under special circumstances like we’re experiencing today. Growers typically have some crop harvested and cash flow to make their billing date, but with so many late-planted crops, this year will be an anomaly.” America’s farmers and ranchers have been especially challenged throughout the 2019 crop year, struggling through severe flooding and excessive moisture conditions across the grain belt and in many other rural communities, with some areas also dealing with extreme heat and drought. Such weather conditions are expected to take a serious toll on acres planted, crop yields and crop quality as harvest begins. One of the largest operating costs for producers is crop insurance premiums paid to their approved insurance provider. Many spring crop insurance premiums are due to be paid before Oct. 1.
Without the interest deferral, policies with an Aug. 15 premium billing date would have interest attach starting Oct. 1 if premiums were not paid by Sept. 30. Now, under the change, policies that do not have the premium paid by Nov. 30 will have interest attach on Dec. 1, calculated from the date of the premium billing notice. USDA revealed Aug. 12 that U.S. farmers filed prevented planting claims on more than 19 million acres during the 2019 crop year. Earlier this summer, USDA announced a series of flexibilities to reduce stress on producers affected by weather, including: providing more time for cover crop haying and grazing by moving the start date from Nov. 1 to Sept. 1, 2019; allowing producers who filed prevented planting claims and then planted a cover crop with a potential for harvest to receive a Market Facilitation Program payment of $15 per acre; holding signups in select states for producers to receive assistance in planting cover crops, and extending the crop reporting deadline in selected states. USDA also will provide producers with additional prevented planting acreage assistance -- which will be announced in the coming weeks -- through the Additional Supplemental Appropriations for Disaster Relief Act of 2019. Source - https://www.feedstuffs.com
17.08.2026

India - Himachal Pradesh Rolls Out Farm Machinery Insurance Scheme to Curb Agricultural Fatalities

Himachal Pradesh introduces a specialized insurance scheme to compensate farmers and laborers injured or killed by agricultural machinery.

17.08.2026

Nigeria’s partial crop losses triple to 20 percent as climate, insecurity hit farms —World Bank report

Partial crop losses on Nigerian farms have more than tripled in five years, climbing from roughly six percent of cultivated plots in the 2018/19 season to more than 20 percent in 2023/24, according to a World Bank analysis of General Household Survey–Panel data.

17.08.2026

India - SC orders fresh nationwide survey of elephant corridors, says crop damage no excuse for barriers

The Supreme Court has ordered a fresh nationwide survey of elephant corridors and sought a status report on keeping them free of obstructions. The court said crop damage cannot justify barriers and asked the Centre to examine firearms, fireballs and mashaals used against elephants.

17.08.2026

Philippines House backs broader agricultural insurance coverage

The Philippines' House of Representatives has approved a bill seeking to expand agricultural insurance coverage to farmers and fisherfolk facing losses from natural disasters, diseases and other risks.

17.08.2026

Guam - Farmers seek Bavi relief as crop-loss frustrations linger

The Guam Department of Agriculture opened the application window Monday for farmers to seek compensation for crops lost to Typhoon Bavi, giving growers until Sept. 2 to file for help under the island's Crop Loss Compensation Program.

17.08.2026

India - Crop loss due to short circuit: Telangana farmers demand relief

The collector later clarified that there was no budgetary provision to compensate crop losses caused by electric sparks.

16.08.2026

Displaced Canadian residents face livestock losses, rebuilding without insurance

Displaced residents in Canada's British Columbia are struggling after mass wildfire evacuations, with many forced to relocate livestock and rebuild without insurance.

16.08.2026

How post-harvest insurance can boost food security in Nigeria

Agriculture forms the backbone of Nigeria’s economy, providing employment for over 70 per cent of the population and contributing significantly to the country’s Gross Domestic Product. However, despite its critical role, Nigeria faces persistent food insecurity.