Maryland Farmers to Receive Additional Funds in Federal Crop Insurance Assistance

ANNAPOLIS, MD – Maryland farmers who signed up for an eligible crop insurance policy in 2013 will receive an additional automatic premium assistance (federal) credit of up to $225 per policy.

The U.S. Department of Agriculture’s Risk Management Agency will reduce premiums by up to $225 per buy-up (crop policy for eligible Maryland producers) thanks to an estimated $5.5 million that was made available to 16 targeted states (including Maryland) through a crop insurance assistance package.

All Catastrophic Risk Protection policies, and any policies or endorsements insured under the Livestock Risk Protection and Livestock Gross Margin (dairy) plans of insurance are not eligible for this financial assistance. 

“Crop insurance is an essential risk-management tool that can help producers balance the financial risk of rising input costs and volatile crop prices,” said Maryland Agriculture Secretary Buddy Hance. “The additional financial assistance will encourage farmers to buy up higher levels of protection.”

The total Federal Crop Insurance assistance and other cost shares is expected to total nearly $29 million for the 2013 crop year. The premium reduction will be applied automatically to all eligible 2013 policies with reporting deadlines before September 30. If the total producer-paid premium is less than $225, the amount of premium reduction will be capped at 100 percent of the producer premium due. Producers will receive assistance for each eligible policy, not to exceed $50,000. Administrative policy fees will not be covered.

Maryland producers received nearly $28.7 million in indemnities for the 2012 crop year.

For more information on Maryland’s crop insurance program, call 410-841-5894.

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