Crop Insurance deadeline March 17

NATIONAL CROP INSURANCE SERVICES

8900 Indian Creek Parkway, Suite 600

Overland Park , KS 66210

FOR IMMEDIATE RELEASE

February 29, 2008

For more information please contact Jan Eliassen at 410-778-0120 or Laurie Langstraat at 913-685-2767.

This story covers the impending deadline for signing up for crop insurance for all but the very southern tier of states.

Crop Insurance deadeline March 17

OVERLAND PARK, KAN…In most states farmers have only until March 17 to sign up for federally subsidized crop insurance on spring planted crops, or to make any changes to existing policies.

In many states, last year’s drought produced record crop insurance payouts. Producers, trying to protect their marketing position on surging grain prices invested in high levels of crop insurance protection. They were protected by those risk management decisions.

This was especially true in Oklahoma ($159 million), Delaware ($17 million), and Maryland ($35 million). Also hard hit were South Carolina, North Carolina, Tennessee, Oregon, and Virginia.

Nationally over $3 billion has been paid out in indemnities as of February 25. What is interesting here is that less than half of the premiums were paid out in indemnities (48 percent). The crop insurance program worked as intended in 2007. Farmers shared the risks across the entire country and across 400 insurable crops.

The futures prices for grains are again high, and producers in 38 northern and central states have until March 17 to make this year’s crop insurance decisions.

In many cases, premiums and established prices are different from last year. Producers should contact a crop insurance agent well before the deadline and ask for a free comparison of their crop insurance options.

The crops that are insurable and which types of policies are available vary from state to state and county to county so it is critical for producers to contact a local crop insurance agent for accurate information.

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National Crop Insurance Services (NCIS) is a nonprofit trade association representing all of the private insurance companies who sell and service Federal crop insurance policies.