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Serving: United States
Coronavirus
Soybean, corn and wheat field planted next to one another. fotokostic/ThinkstockPhotos

Producers get more time to pay crop insurance premiums

USDA is allowing Approved Insurance Providers to give producers up to 60 days grace period to pay due to COVID-19.

USDA Risk Management Agency will authorize Approved Insurance Providers (AIPs) to extend deadlines for premium and administrative fee payments, defer the resulting interest accrual and allow other flexibilities to help farmers, ranchers, and insurance providers due to the COVID-19 pandemic.

“USDA recognizes farmers and ranchers have been severely affected by the COVID-19 Pandemic this year and to help ease the burden on these folks, we are continuing to extend flexibility for producers,” said Agriculture Secretary Sonny Perdue. “The flexibilities announced today support health and safety while also ensuring the federal crop insurance program continues to serve as a vital risk management tool.”

Specifically, USDA is authorizing AIPs to provide policyholders additional time to pay premium and administrative fees and to waive accrual of interest to the earlier of 60 days after their scheduled payment due date or the termination date on policies with premium billing dates between Aug. 1, 2020, and Sept. 30, 2020. In addition, USDA is authorizing AIPs to provide up to an additional 60 days for policyholders to make payment and waive additional interest for Written Payment Agreements due between Aug. 1, 2020, and Sept. 30, 2020.

RMA is authorizing additional flexibilities due to coronavirus while continuing to support producers, working through AIPs to deliver services, including processing policies, claims and agreements. RMA staff are working with AIPs and other customers by phone, mail and electronically to continue supporting crop insurance coverage for producers. Farmers with crop insurance questions or needs should continue to contact their insurance agents about conducting business remotely. More information can be found at farmers.gov/coronavirus.

Source: USDA, which is solely responsible for the information provided and is wholly owned by the source. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset. 
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