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NATIONAL CROP INSURANCE SERVICES
7201 West 129th Street, Suite 200
Overland Park, KS 66213
FOR IMMEDIATE RELEASE
February 20, 2003Pennsylvania only
For more information contact Jan Eliassen at 410-778-0120
Data in this release was provided by the Risk Management Agency.
Spring crop insurance deadline looms
Additional federal premium subsidy announcedThe producers of 17, Spring planted, Pennsylvania crops have only until March 15 to sign up for coverage or to make any changes to existing coverage on their federally subsidized crop insurance 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 Pennsylvania, New York, New Jersey and Maryland.
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.
This additional subsidy comes after the Pennsylvania Department of Agriculture has already announced a statewide subsidy program. The combined benefit of the two additional subsidies means that Pennsylvania producers will get up to a 22 percent reduction on their farmer paid premiums.
The 17 crops are: oats, forage seeding, corn, sweet corn, fresh sweet corn, canning beans, grain sorghum, green peas, winter squash, cabbage, soybeans, potatoes, fresh market tomatoes, tomatoes, barley, Maryland tobacco, and cigar filler tobacco.
There are changes to the coverage levels of two crops this year. Fresh market sweet corn growers will find 18 percent more coverage available this year. Those who insure corn silage will find 32 percent more protection available in 2004.
PDA, with the support of 11 other Northeast states, shepherded both of those program enhancements through to federal approval.
All 17 crops are insurable under the traditional Multiple Peril Crop Insurance (MPCI). Corn and soybeans are also insurable under Crop Revenue Coverage (CRC). Indexed Income Protection (IP) is also available for corn.
Which crops are insurable and which policies are available, vary from county to county. If producers have questions, they should contact a private crop insurance agent before the March 15 deadline.
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