Due to drought and other conditions causing catastrophic damage to crops, the Risk Management Agency (RMA) has announced that it is deferring interest charges on premium payments for certain policies.
Which Policies Have Had Interest Deferred?
The deferral of interest charges applies to policies which meet both of the below requirements:
Policies insured under the Common Crop Insurance Policy, Area Risk Protection Insurance Policy, Rainfall Index Plan Common Policy, Whole-Farm Revenue Protection Pilot Policy, or the Livestock policies’ Basic Provisions.
Policies with premium billing dates between August 1, 2022 and September 30, 2022.
How Long is Interest Deferred?
Approved Insurance Providers (AIPs) such as AgriSompo North America are authorized to waive interest to the earlier of:
An additional 60 days after the scheduled payment due date.
The termination date for these policies.
Payments may also be extended up to 60 days after the scheduled payment due date for Written Payment Agreements due between August 1, 2022 and September 20, 2022, which will be considered timely with no additional interest during this 60-day period.
How Can I Learn More?
Click here to read Manager's Bulletin MGR-22-005, in which the interest extension was announced.
You may also contact your AgriSompo North America agent or marketing representative for more information, or email us at AgCommunications@sompo-intl.com.