The RMA released a Manager’s Bulletin today regarding accrual of interest on unpaid crop insurance premium. For crops with a August 15th billing date, interest has been deferred for a second time this year from December 1st to February 1st to assist farmers who have been affected by the difficult crop year. On a normal year, interest accrues on October 1st (back to the billing date) if premium is not paid by September 30th.
Paying your crop insurance premium is of utmost importance to remain eligible. This bulletin will allow those who were hit the hardest more time to make the difficult marketing decisions without accruing interest. We know it has been tough out there. Cropland Insurance Services is here to answer any questions you may have.
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