USDA has reward program for federal crop insurance participants
Farm and Ranch January 10, 2011 The USDA’s Risk Management Agency has published a proposed rule that would reward farmers participating in the federal crop insurance program for good performance. Murphy: “Meaning minimum losses and length of participation and as well as incorporating best management practices out there.” That’s RMA administrator William Murphy describing the Good Performance Refund program. He wants participants in the federal crop insurance program to check out the proposed rules in the Federal Register. Murphy: “We have 75 million dollars available for the program this year. This program is anticipated to run five to ten years.” Payment amounts will vary by producer and will be based each qualifying producer’s crop insurance history. Murphy: “We anticipate up to 67-thousand producers will be eligible for the refund. The refunds will be nothing less than $25 and the maximum refund will be $25,000.00 It will include experience up through 2009.” RMA estimates the average refund amount per producer this year will be about one-thousand dollars and that the program will benefit farmers and ranchers in over two-third of the counties nationwide. The comment period on the program will end January 21st. Payments are then expected to begin in February and end in March. The proposed Good Performance Refund program is made possible by the savings realized from the new Standard Reinsurance Agreement. I’m Bob Hoff and that’s the Northwest Farm and Ranch Report on Northwest Aginfo Net.
