Farmers and ranchers are facing natural disasters in many parts of the nation, causing catastrophic damage to crops. The USDA Risk Management Agency (RMA) has announced flexibilities to help farmers through these challenging times.
Farmers Mutual Hail will defer interest charges on MPCI and private product premiums on policies with premium billing dates between July 1, 2023, and September 30, 2023. Interest will be waived to the earliest of an additional 60 days of the scheduled due date or the termination date.
- July 1 crops must be paid by September 30, 2023, before interest attaches.
- August 15 crops must be paid by November 30, 2023, before interest attaches.
Deferral of interest does not affect the crop termination date. The Statement of Unpaid Accounts is available in FMHA for reviewing crop termination dates.
Example: Margin Protection policies terminate on November 15, 2023, which is earlier than the November 30, 2023 extension date. Therefore, payment must be received by the applicable termination date.
View the RMA Bulletin