New Crop Insurance Benefits Available for Farmer Veterans
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USDA Risk Management Agency has announced provisions of the 2018 Farm Bill that will benefit military veterans with farms or ranches who are seeking federal crop insurance coverage. The 2018 Farm Bill provides veterans with an exemption from paying the administrative fee for catastrophic and additional coverage policies; an additional 10% premium subsidy for additional coverage policies that have premium subsidy; the ability to use another person’s production history for the specific acreage transferred to veterans who previously were involved in the decision making or physical activities of crop production on the acreage; and an increase in yield adjustment, from 60% to 80% of the applicable transitional yield. These changes will allow veterans who are farming and ranching to have higher insurance coverages than if they relied upon county averages to establish their insurance guarantees or a lower percentage of the county average to substitute low yields because of an insurable cause of loss. For the 2019 crop year, producers can access these benefits for crops with a sales closing date on or after December 20, 2018.