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NATIONAL CROP INSURANCE SERVICES
7201 West 129th Street, Suite 200
Overland Park, KS 66213FOR IMMEDIATE RELEASE February 23, 2004
For Northeastern states only (see last paragraph). Information in this release has been provided by USDA’s Risk Management Agency.
For more information contact Jan Eliassen at 410-778-0120 or Laurie Langstraat at 913-685-2767.
USDA announces extra crop insurance discount
USDA’s Risk Management Agency announced Tuesday, that an additional premium discount will be applied to all federally subsidized crop insurance policies sold on Spring planted crops in twelve Northeastern states.
The “financial assistance factor” will reduce the farmer paid premium by 5 percent at the 50 and 55 percent buy-up levels, by 10 percent at the 60 and 65 percent buy-up levels and by 15 percent at the 70 percent level and up.
The added discounts are intended to encourage producers to buy-up to higher levels of crop insurance coverage. Farmers who only sign up at the lowest, catastrophic, (CAT) level of coverage will not benefit from this program.
This announcement comes less than a month before the farmer deadline for making decisions about crop insurance for Spring planted crops. In the affected states, the sign up deadline is March 15. That is also the deadline for making any changes to existing policies.
Producers will not have to apply for the extra subsidy, nor do any additional paperwork. The crop insurance companies will apply the additional subsidy to the farmers’ policies.
However, any producer who wants to take advantage of this program by buying a higher level of coverage, or deciding to sign up for a new crop insurance policy, must contact a crop insurance agent before the March 15 deadline.
The twelve northeastern states eligible for the additional subsidy discount are: Delaware, Maryland, West Virginia, Pennsylvania, New Jersey, New York, Massachusetts, Connecticut, Rhode Island, Vermont, New Hampshire, and Maine.###
NATIONAL CROP INSURANCE SERVICES
7201 West 129th Street, Suite 200
Overland Park, KS 66213
FOR IMMEDIATE RELEASE
For Utah, Nevada, and Wyoming. Information in this release has been provided by USDA’s Risk Management Agency.
For more information contact Jan Eliassen at 410-778-0120 or Laurie Langstraat at 913-685-2767.USDA announces extra crop insurance discount
USDA’s Risk Management Agency announced Tuesday, that an additional premium discount will be applied to all federally subsidized crop insurance policies sold on Spring planted crops in Nevada, Utah, and Wyoming.
The “financial assistance factor” will reduce the farmer paid premium by 5 percent at the 50 and 55 percent buy-up levels, by 10 percent at the 60 and 65 percent buy-up levels and by 15 percent at the 70 percent level and up.
The added discounts are intended to encourage producers to buy-up to higher levels of crop insurance coverage. Farmers who only sign up at the lowest, catastrophic, (CAT) level of coverage will not benefit from this program.
This announcement comes less than a month before the farmer deadline for making decisions about crop insurance for Spring planted crops. In the affected states, the sign up deadline is March 15. That is also the deadline for making any changes to existing policies.
Producers will not have to apply for the extra subsidy, nor do any additional paperwork. The crop insurance companies will apply the additional subsidy to the farmers’ policies.
However, any producer who wants to take advantage of this program by buying a higher level of coverage, or deciding to sign up for a new crop insurance policy, must contact a crop insurance agent before the March 15 deadline.###
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