USDA Allows Extensions on Insurance Deadlines, Deferral of Interest to Help Producers Amid Coronavirus Pandemic
WASHINGTON, May 29, 2020 – USDA’s Risk Management Agency (RMA) is making further adjustments to assist producers during the COVID-19 pandemic. Specifically, Approved Insurance Providers (AIPs) are authorized to extend the deadlines for payment of premiums and administrative fees, defer the resulting accrual of interest and to extend the correction time period for acreage reports or other forms.
“RMA continues to add more flexibilities to assist America’s farmers and ranchers during this very difficult time,” RMA Administrator Martin Barbre said. “We will make adjustments as needed to ensure that the Federal crop insurance program continues to serve the risk management needs of our nation’s producers.”
Extended Deadlines and Interest Deferrals
RMA is authorizing AIPs to provide additional time for policyholders to make payment of premium and administrative fees and to waive accrual of interest the earlier of 60 days after their scheduled payment due date or the termination date on policies with premium billing dates between May 1, 2020, and July 31, 2020. AIPs are also authorized to provide up to 60 days additional time for policyholders to make payment and waive additional interest for Written Payment Agreements due between May 1, 2020, and July 31, 2020.
Extending Correction Time for Acreage Report
Similarly, RMA is extending the correction time period an additional 30 days for an acreage report or other forms that must be submitted by the acreage reporting date to be consistent with the recent Farm Service Agency (FSA) acreage reporting 30-day late file fee waiver in Notice CP-757. This will allow producers to make certain that the information they provide for the FSA 578 Report of Acreage form is correct and consistent with the acreage report filed with their crop insurance agent.
RMA has announced many other flexibilities starting on March 27. See all RMA Managers Bulletins for more detailed information. RMA staff are working with AIPs and other customers by phone, mail and electronically to continue supporting crop insurance coverage for producers. Farmers with crop insurance questions or needs should continue to contact their insurance agents about conducting business remotely (by telephone or email). For the most current updates on available services, visit farmers.gov/coronavirus.
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