Key Crop Insurance Sales Closing Date Quickly Approaching
For the 2013 crop year, crop insurance programs administered by the USDA’s Risk Management Agency (RMA) covered over $145 million in crop liability for Wyoming farmers and ranchers. The state had over 2,500 policies in force for 2013, and those policies covered nearly 1.8 million Wyoming crop acres. Over 42 percent of Wyoming’s insured producers suffered a loss and received an indemnity in 2013; in fact, the average indemnity per indemnified policy for 2013 was over $10,000.
So, how will you manage risk in 2014? Wyoming producers are reminded that March 15 is the sales closing date for most spring seeded crops, including barley, corn, sugar beets, and wheat. March 15 is also the last date for new enrollees to sign up for RMA’s Adjusted Gross Revenue – Lite (AGR-Lite) Program, which is a whole-farm revenue insurance program. Because March 15 falls on a Saturday in 2014, the effective sales closing date for 2014 is March 17.
Producers planning to start (or modify) coverage should contact a crop insurance agent immediately to meet the sales closing deadline and be advised of other key program dates.
A crop insurance agent directory is available on the RMA website at www.RMA.USDA.gov. The RMA website also offers many other useful tools, including a premium calculator, extensive program descriptions, and a variety of educational materials.
Federal crop insurance program policies are sold and serviced by private crop insurance companies. Custom Ag Solutions works with RMA and other partner organizations to educate Wyoming producers about risk management and Federal crop insurance programs. To receive information by mail, call CAS at 877-227-8094. USDA, RMA, and CAS are equal opportunity providers.