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USDA’s Risk Management Agency to defer interest on crop insurance premiums

USDA’s Risk Management Agency (RMA) has announced it will continue to defer interest on crop insurance premiums to ag producers until January 31 for all policies with a premium billing date of August 15.

Keith Gray, chief of staff for the RMA, says this will help farmers and ranchers impacted by the extreme weather in 2019.

“That’s to help producers that are still having cash flow issues and that are still having a hard time getting harvest done,” he says. “A lot of times they need that extra money and a premium coming due while they’re still waiting to get paid for their crop – we understand and recognize – is a challenge.”

He tells Brownfield the decision was made to continue to extend flexibility for producers.

The USDA previously announced a deferral to November 30, providing producers with an additional two months from the traditional September 30th date. Producers will have until January to pay the 2019 premium without accruing interest.

Audio: Keith Gray, USDA’s Risk Management Agency