The Risk Management Agency’s (RMA) Spokane Regional Office reminds Alaska and Pacific Northwest producers of the new billing date for Federal crop insurance premiums on most crops: August 15, 2012. Insured producers have until October 1st to pay their premiums without being charged interest for crops with an August 15 billing date. Interest will begin accruing until October 1 at a 1.25 percent per month.
Although premiums are payable as soon as the crop is planted, an insured producer is not billed until the premium billing date. If an indemnity (loss) payment, prevented or replanting payment is made, any premiums still owed can be deducted from those payments.
The 2012 billing date changes comply with the 2008 Farm Bill that changed the billing date for all crops originally billed after August 15.
Producers are encouraged to contact their crop insurance agent with questions.
Thursday, July 12, 2012
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