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NATIONAL CROP INSURANCE SERVICES
7201 West 129th Street, Suite 200
Overland Park, KS 66213
FOR IMMEDIATE RELEASE February 24, 2004
UTAH 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 announcedMarch 15 is the deadline for Utah producers of five major crops to sign up for federally subsidized crop insurance, or to make 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 Utah, Nevada, 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.
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 Spring planted Utah crops which share the March 15 deadline are: oats, corn, beans, safflower and barley.
Producers must not only decide what percentage of their expected yield to insure and at what price level, but also, in many cases, what type of insurance policy they want to use for their coverage.
While all crops are insurable under the traditional Multiple Peril Crop Insurance (MPCI), corn is also insurable under Crop Revenue Coverage (CRC).
Each county has its own mix of insurable crops and policy choices. Producers should contact their private crop insurance agent before March 15 to learn what the choices are where they farm.
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