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NATIONAL CROP INSURANCE SERVICES
7201 West 129th Street, Suite 200
Overland Park, KS 66213
FOR IMMEDIATE RELEASE February 24, 2004
MARYLAND ONLY
For more information contact Jan Eliassen at 410-778-0120. Data in this release came from USDA’s Risk Management Agency.
Spring crop insurance deadline
Additional premium subsidy announcedThe producers of twelve major spring planted Maryland crops are fast approaching the March 15 deadline for signing up for crop insurance, or for making any changes to existing policies.
Those decisions became even more important after the Risk Management Agency (RMA) announced an additional subsidy of the farmer paid premium for 15 states including Maryland, Delaware, West Virginia and Pennsylvania.
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.
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.
The twelve crops are: oats, forage seeding, corn, sweet corn, fresh sweet corn, canning beans, grain sorghum, green peas, soybeans, fresh market tomatoes, tomatoes, and Maryland tobacco.
All of these crops are insurable under the traditional Multiple Peril Crop Insurance (MPCI). Corn, grain sorghum, and soybeans can also be covered by Crop Revenue Coverage (CRC) and corn and soybeans can be insured under the Group Risk Plan (GRP), and under Indexed Income Protection (IIP).
Which crops are insurable and what types of policies are available vary from county to county. Producers wanting to sign up for, or make any changes to existing policies, should contact a crop insurance agent before the March 15 deadline.
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