Hoeven: RMA Extends Crop Insurance Premium Payment Deadline, Defers Interest Accrual
WASHINGTON – Senator John Hoeven, chairman of the Senate Agriculture Appropriations Committee and a member of the Agriculture Committee, today issued the following statement after the U.S. Department of Agriculture’s (USDA) Risk Management Agency (RMA) announced it is providing additional flexibilities to help farmers and ranchers manage their cash flow during the coronavirus disease 2019 (COVID-19) pandemic. Specifically, RMA is allowing Authorized Insurance Providers (AIP) to extend deadlines for premium and administrative fee payments and defer the resulting interest accrual for these payments.
“Our producers need flexibility and support to manage their operations during this public health emergency, and I appreciate the administration for easing the payment timeline for crop insurance, which will help ensure farmers don’t face increased costs,” said Hoeven.
Producers should contact their crop insurance agent or visit rma.usda.gov for more information.
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