Combo crop insurance expected for 2011 crop year
Farm and Ranch January 4, 2010 Northwest wheat growers have a lot of options when it comes to crop insurance, Revenue Assurance, Crop Revenue Coverage, the APH plan and the Income Protection Plan. USDA’s Risk Management Agency has been working for some time to consolidate all of those plans into one combination policy and Dave Paul of the regional office of the RMA says a regulation for it is expected in the Federal Register early this year. Paul: “And then we are going to roll it out for the 2011 crop year. And what that does is it combines all of those insurance plans into one insurance policy. Producers will have all the options they have had in all the current plans but they will have them in one policy. It is going to be much easier for producers to understand. Every producer is going to get the same opportunity for all the different features and benefits of those plans. Paul says RMA and the insurance industry have an aggressive role out planned but they are waiting for the spring sales closing date to pass so people aren’t confused between 2010 and 2011. He also says going to the combination policy won’t really impact premiums. Paul: “It’s basically going to be rated the same way it is today, but it will be easier because the producer will get one price quote that will cover all those plans versus getting four separate price quotes and trying to compare the different features and benefits of those programs.” I’m Bob Hoff and that’ the Northwest Farm and Ranch report on the Northwest Ag Information Network.
They can still buy a revenue protection policy. They can still by upside-downside price protection and they can still buy a yield only policy under this plan.”
