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The USDA’s Risk Management Agency (RMA) reminds corn and soybean growers that the final date to apply for the Margin Protection insurance plan for the 2023 crop year is September 30. This policy is available in select counties in Illinois, Indiana, Michigan, and Ohio.
Federal crop insurance is critical to the farm safety net. It helps producers and owners manage revenue risks and strengthens the rural economy.
Margin Protection is an area-based insurance plan that provides coverage against an unexpected decrease in operating margin (revenue less input costs), caused by reduced county yields, reduced commodity prices, increased prices of certain inputs, or any combination of these perils. Because Margin Protection is area-based (average fora county), an individual farm may have a decrease in its margin but not receive an indemnity or vice-versa.
Margin Protection along with a Yield Protection policy or a Revenue Protection policy (denoted as a base policy) on the same acreage.
To learn more about Margin Protection, please contact a crop insurance agent. There is also a national fact sheet on Margin Protection as well as Frequently Asked Questions on the RMA Website.
In addition, the final date to apply for wheat crop insurance coverage or for current policyholders to make changes to their existing policy for the 2023 crop year is the sales closing date of Sept. 30.
Federal crop insurance is critical to the farm safety net. Producers may select from several coverage options, including yield coverage, revenue protection, and area risk policies.
One option added last year was the Quality Loss Option. This is an option that may be selected to improve Actual Production History (APH) for years in which a quality loss was suffered. The Quality Loss Option must be elected by the sales closing date of Sept. 30. When elected, the quality loss will replace post-quality adjusted production with the pre-quality adjusted production for any year the insured filed a Notice of Loss.
RMA is authorizing additional flexibilities due to coronavirus while continuing to support producers, working through Approved Insurance Providers (AIPs) to deliver services, including processing policies, claims and agreements. RMA staff are working with AIPs and other customers by phone, mail and electronically to continue supporting cropinsurance coverage for producers.
On farmers.gov, you can find more information on USDA’s response and relief for producers and use other tools and resources. Crop insurance is sold and delivered solely through private crop insurance agents. A list of crop insurance agents is available at all USDA Service Centers and online at the RMA Agent Locator. Learn more about crop insurance and the modern farm safety net at rma.usda.gov. If producers have additional questions, they can contact RMA’s Regional Office in Springfield at (217) 241-6600.
My father is a farmer and plans to get a crop insurance plan for his crop business here in Gage County, NE. As you mention in your post, a crop insurance plan helps to stabilize agricultural production and lessens the negative impact it has on farmers’ livelihoods. I hope he will succeed in his planting because it’s his passion for growing crops.