Crop insurance deadline approaches
WESTMINSTER, MD – MidAtlantic Farm Credit advises farmers not to miss the March 15 deadline for securing crop insurance for the 2010 growing season.
The closing date applies to farms growing spring crops, including corn and soybeans. By that time, all new policies, changes to existing policies, or cancellations must be filed.
The eligibility requirements for enterprise units have changed for the 2010 crop year said Kathi Levan, MidAtlantic Farm Credit Crop Insurance Manager. Enterprise units combine all acres of a crop in a county into one unit regardless of ownership, share or practice. There are strong premium subsidies for enterprise units, making coverage more affordable for farmers.
To qualify for an enterprise unit, the crop must meet the following:
•There must be a minimum of 50 acres
•The unit must include acreage from at least two sections or farm serial numbers(FSNs)
•At least two FSNs in the enterprise unit must contain the lesser of 20 acres or 20% of the total acreage in the EU.
All policyholders should make sure their name, entity and SSN/EIN are listed correctly on their insurance forms, Levan said.
In addition, growers who held Farm Credit crop insurance coverage for last year’s crops must file their 2009 production reports by April 30.
MidAtlantic Farm Credit provides crop insurance to more than 600 policy holders in Maryland, Delaware, Pennsylvania, Virginia, and West Virginia.
For information about crop insurance call Kathi Levan at 888.339.3334
About MidAtlantic Farm Credit
MidAtlantic Farm Credit is an agricultural lending cooperative owned by its member-borrowers. It provides farm loans for land, equipment, livestock and production; crop insurance; and rural home mortgages. The co-op has 10,500 members and $2.2 billion in loans outstanding. MidAtlantic has branches serving Delaware, Maryland, Pennsylvania, Virginia and West Virginia. It is part of the national Farm Credit System, a network of financial cooperatives established in 1916 to provide a dependable source of credit to farmers and rural America. For more information, visit www.mafc.com.
MidAtlantic Farm Credit