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Crop Insurance Changes

Crop Insurance Changes. Wesley N. Musser Farm Management Specialist Department of Agricultural and Resource Economics University of Maryland . Introduction. This Farm Bill not about crop insurance Some modifications were included Also , some administrative changes

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Crop Insurance Changes

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  1. Crop Insurance Changes Wesley N. Musser Farm Management Specialist Department of Agricultural and Resource Economics University of Maryland

  2. Introduction This Farm Bill not about crop insurance Some modifications were included Also, some administrative changes This talk will summarize changes

  3. Record Flexibility More Flexibility on records of farm stored crops Must obtain this authority before harvest Apply to crop insurance agent Similar Flexibility for yield records for APH

  4. New Dairy Crop Insurance Dairy Gross Margin (LGM) insurance Protect against losses in gross margin Gross Margin is Milk Value minus Feed Costs First Available for sale at end of August Additional opportunities at end of each month Workshops will be held on LGM in fall or winter

  5. New 2009 Price Change Limits Applies to Crop Revenue Coverage, CRC, and Group Risk Income Protection, GRIP Refers to changes in harvest price from spring price for indemnities Current Limits are $1.50 for corn, $2.00 for wheat, and $3.00 for soybeans Does not allow adjustments to recent prices changes in harvest price New limit up to double spring price No limit on downward price movements

  6. Eligibility for Disaster Payments Earlier discussion of SURE All crops must be covered by crop insurance or NAP Waiver available at County FSA Office for 2008 Must sign up by September 16, 2008 For 2009 and later years must sign up for crop insurance or NAP in regular enrollment period 2009 Enrollment deadlines begin 9/30/08 small grains and perennial crops

  7. CAT Fees Catastrophic Coverage Crop Insurance $300 per crop per county beginning for 2009 crop policies NAP Fees increase to $250 per crop per county not to exceed $750 per county or $1,875 per producers in multiple counties

  8. Required RMA Development of New Coverage or Improvements Organic crops, energy crops, Adjusted Gross Revenue for beginning farmers, grain sorghum price elections, malting barley quality, broilers and other contract poultry, and loss of bees Options for declining APH’s Pilot programs in grass seed and other crops Additional benefits for enterprise and whole farm unit options

  9. Measurement of Farm Stored Crops Allows producer to pay fee to allow FSA to measure quantities for claims Allows deferring claims for four months past current deadline to allow grain in bins to settle

  10. Other Changes Reduce federal subsidies on area insurance plans Allows producer to use both informal appeals and mediation to resolve claims Beginning in 2012, premium payment deadline changed from October 1 to August 15

  11. Conclusions As always, talk to your crop insurance agent about changes Now also must get information from FSA on NAP if all land not covered by crop insurance

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