USA - USDA to defer interest on crop insurance premiums

21.08.2019 743 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
11.08.2026

Romania - Agra Asigurări launches 2026–2027 season: Increased compensation for farmers and extended protection

Agra Asigurări, Romania’s leading agricultural insurance company, has launched the quotation campaign for the 2026–2027 agricultural season, making its Agrar Basis crop insurance product available to farmers.

11.08.2026

Typhoon losses expose the gap Philippine crop insurance was never built to close

A co-insurance pool launching next year is designed to address it.

11.08.2026

Nepal - Parliamentarians Demand National Action Plan for Monkey and Wild Boar Crop Damage

As the damage to agricultural crops by monkeys and wild boars is becoming serious, a proposal of urgent public importance has been registered in the House of Representatives demanding the creation of an integrated national action plan for a long-term solution to this problem. 

11.08.2026

USA - Oregon hazelnut growers consider crop insurance to manage risk

Willamette Valley’s signature nut crop among the last to adopt the tool.

11.08.2026

USA - Lawmakers say data loss is keeping hurricane-harmed Georgia farmers from insurance payments

Nearly two years after Hurricane Helene unleashed flooding and fierce winds across the South, some Georgia farmers say they still haven’t received compensation for damages, despite efforts from both sides of the political aisle.

11.08.2026

India - Recalibrate crop insurance for perennial plantations, MP urges Centre

On Tuesday, Dakshina Kannada MP Captain Brijesh Chowta called upon the Centre to conduct a thorough examination of the Restructured Weather-Based Crop Insurance Scheme as it applies to perennial plantation crops such as arecanut, coconut, cocoa and spices. 

09.08.2026

Canada - Prairie producers filed more than 4,000 crop insurance claims in stormy July

A stormy July in the Prairie provinces led to insurance claims being filed on more than one million acres of land, according to the Canadian Crop Hail Association (CCHA).

09.08.2026

Government announces free EC$1.5 million crop insurance for Dominican farmers

Farmers in Dominica will receive government-funded crop insurance under a new EC$1.5 million facility aimed at shielding agricultural livelihoods from hurricanes and other climate-related disasters.