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CROP INSURANCE NEWS:
CONTRACT PRICE ADDENDUM The Risk Management Agency offers a contract price addendum that would allow a producer who receives a contract price for their crop to receive a crop insurance guarantee that is more reflective of the actual value of the crop. Under the addendum, insured producers would have the ability (where available and by choice) to use their
personal contract price as their price election, or to use the existing crop insurance price election. If you grow specialty crops under contract and are interested in possibly using your contract price to set your crop insurance guarantee, make sure to ask your crop insurance specialist about the new contract price addendum. ■
DRY BEAN PREVENTED PLANTING COVERAGE LEVEL CHANGES
insurance specialist know and they will make sure your policy is renewed using the correct identifying numbers. These records need to be updated before the March 15th deadline.
Prevented Planting Coverage levels for dry beans has been reduced from 60% coverage down to 50%. PP coverage levels have changed for many other crops in recent years. See your agent for the most current levels and options for PP coverage. ■
PERSON TYPES & IDENTIFICATION NUMBERS To better accommodate data reconciliation between the Farm Service Agency & RMA, there have been some changes made to the social security number and employer identification reporting requirements for individuals, estates and trusts. If you have recently made a change in how an entity has been set up, let your crop
POWER OF ATTORNEY (POA) AND SIGNATURES Crop insurance documents requiring a signature must be signed by an authorized person. The Crop Insurance Handbook
says that for a spouse or others to sign for the insured, they must be authorized by a POA or other legally sufficient document. Even if the person is listed as an SBI on the application. Signature statements on the Application or Policy Change Form can serve as a legally sufficient document. For specific details, please consult your crop insurance specialist. ■
Partners — Winter 2021
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