News Column

Maryland Farmers to Receive Additional Funds in Federal Crop Insurance Assistance

August 20, 2014



ANNAPOLIS, Md., Aug. 20 -- The Maryland Department of Agriculture issued the following news release:

Maryland farmers who signed up for an eligible crop insurance policy in 2014 will receive an additional automatic premium assistance (federal) credit of up to $225 per policy.

The U.S. Department of Agriculture'sRisk Management Agency will reduce premiums by up to $225 per buy-up, crop policy for eligible Maryland producers, thanks to an estimated $5.1 million that was made available to 16 targeted states (including Maryland) through a crop insurance assistance package.

All Catastrophic Risk Protection policies, and any policies or endorsements insured under the Livestock Risk Protection and Livestock Gross Margin (dairy) plans of insurance are not eligible for this financial assistance.

"Crop insurance is an essential risk-management tool that can help producers balance the financial risk of rising input costs and volatile crop prices," said Maryland Agriculture Secretary Hance. "The additional financial assistance will encourage farmers to buy up higher levels of protection."

Maryland farmers purchased 6,464 crop insurance policies in 2014. Over seventy three per cent of these policies were purchased with buy-up coverage and are eligible for this financial assistance. Statewide Maryland farmers will receive $1,118,122 in financial assistance.

The premium reduction will be applied automatically to all eligible 2014 policies with reporting deadlines before September 30. The financial assistance will show up as a credit in farmer's August premium notice for eligible policies. If the total producer-paid premium is less than $225, the amount of premium reduction will be capped at 100-percent of the producer premium due. Producers will receive assistance for each eligible policy, not to exceed $50,000. Administrative policy fees will not be covered.

Maryland producers received nearly $13.9 million in indemnities for the 2013 crop year.

For more information on Maryland's crop insurance program, call Steve Connelly, 410-841-5824.

CC AutoTriage12bkp-140821-30VitinMar-4834914


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Targeted News Service


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters