The USDA's Risk Management Agency (RMA) announced a new risk management option that is available for peanut producers for the 2015 crop year. The peanut revenue policy is available in all counties where yield-based insurance coverage is currently offered in Alabama, Florida, Georgia and South Carolina.
Peanut producers will need to purchase insurance coverage by the sales closing date, Feb. 28. Producers who insured peanuts in the 2014 crop year under the Actual Production History insurance plan will automatically be moved to the new Peanut Revenue insurance plan yield protection for the 2015 crop year. However, if a carryover policyholder wishes to select revenue protection, or cancel the transitioned yield coverage, the change must be made on a contract change form by the sales closing date or must be canceled by the cancellation date.
The new insurance policy is available through the federal crop insurance program and replaces the 2014 crop year peanut crop provisions. The new policy is based on the Common Crop Insurance Policy currently available for other major commodities. It provides growers with a choice of yield protection, revenue protection, and revenue protection with the harvest price exclusion.
Available coverage levels range from 50 percent to 85 percent.
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