Background

The Federal Crop Insurance Corporation Board of Directors approved the Hurricane Insurance Protection – Wind Index (HIP-WI) Endorsement, on November 15, 2019, for the 2020 crop year. It continues to be available for the 2021 crop year for both Catastrophic (CAT) and additional coverage for Common Crop Insurance Policy Basic Provisions policies, when provided in the actuarial documents, in counties located in the vicinity of the Gulf of Mexico and the Atlantic Ocean, as well as Hawaii.

Background

The Federal Crop Insurance Corporation Board of Directors approved the implementation of the Enhanced Coverage Option (ECO), under section 508(h) of the Federal Crop Insurance Act. The ECO will be available for the 2021 crop year for select crops with a contract change date of November 30, 2020 or later.

Action

RMA will release the policy materials over the next few weeks. Until those policy materials are released, the attachment provides an overview of ECO and the crops that are covered for stakeholder awareness.

As of

Background

The Risk Management Agency (RMA) contracted for an independent evaluation of the Pasture, Rangeland, Forage (PRF) Rainfall Index Crop Insurance Program Indexing and Rating Methodology. The primary purpose of the contract was to conduct a comprehensive review of the product design and the County Base Values to determine if the program is an effective risk management tool for livestock producers.

As of

Background

In accordance with Section 8 of the Rainfall and Vegetation Index Plan Common Policy Basic Provisions, final grid indices and payment calculation factors have been determined and approved for the following:

Background

The Excessive Yields Report, first released in July of 2018, is available for Approved Insurance Providers (AIPs) through AIP HyDRA.

Excessive yields are individual yields on a year, county, crop-type-practice basis that are so large as to rise above an algorithmically determined threshold. The Excessive Yield Report identifies individual yield records from the P15A Yield History record that may not be realistically achievable.

The report is released annually in mid-July and generated against all open years.