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NATIONAL CROP INSURANCE SERVICES
7201 West 129th Street, Suite 200
Overland Park, KS 66213
FOR IMMEDIATE RELEASE February 24, 2004
NEW JERSEY 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 seven major spring planted New Jersey crops are fast approaching the March 15 deadline for signing up for crop insurance, or 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 New Jersey and New York.
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 seven crops are: oats, corn, fresh sweet corn, canning beans, winter squash, soybeans, and tomatoes.
All of these crops are insurable under the traditional Multiple Peril Crop Insurance (MPCI). Corn and soybeans can also be covered by Crop Revenue Coverage (CRC).
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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