Crop Insurance Premiums Deadline Extended

Due to widespread flooding, and excess moisture conditions impacting much of the U.S. RMA had extended the premium due date on MPCI policies with an 8/15 bill date only and relaxed the policy provisions on interest attaching to unpaid premium. Due to the ongoing issues and now weather forcing later harvests in many areas, RMA has made the decision to push back interest charges into 2020.

Interest on unpaid premium is deferred to the earlier of the applicable termination date or until 1/31/20. However, any premium not paid by the earlier of the applicable termination date or 2/1/20, interest will be retroactive to 9/1/19.

In addition, as done for the last extension, again decided to allow for the same additional time to remit payment on their 2019 Crop Hail & Named Peril premium.

Interest will not be charged for any unpaid premium if payment is postmarked by 1/31/20. If any HAIL premium remains unpaid on 2/1/20, interest will be retroactive to 10/1/19.

While most companies are following with the same extension on the hail and named perils, this should be clarified with your AgQuest Insurance agent at 866-259-3666.

 

AgQuest Insurance is an equal opportunity provider.

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