RMA to defer interest accrual for spring 2019 crop insurance premiums
The USDA’s Risk Management Agency has announced it will defer accrual of interest for spring 2019 crop year insurance premiums for all ag producers by 60 days.
RMA Administrator Martin Barbre tells Brownfield the agency implemented the change to assist farmers and ranchers who were severely impacted by this year’s weather. “With the late-planted crops obviously producers won’t be harvesting as early as normal and this will give them a little more time to get some cash flow going and pay their premiums,” he says.
He says this a move that RMA only makes under special circumstances. “This was done during the 2012 drought as well and we did it for the Hurricane affected areas in 2017 and 2018,” he says.
Barbre says the billing date was yesterday and producers will start to receive them in the mail soon. But under the change, policies that do not have the premium paid by November 30 will have interested attached beginning December 1.
AUDIO: RMA Administrator Martin Barbre