September 23, 2010
NY Receives Extra $430,000 in Crop Insurance Assistance
USDA Funds will Reduce Farmers’ Premiums Up to $150 per Eligible Policy
New York State Agriculture Commissioner Patrick Hooker today announced that New York farmers who signed up for an eligible crop insurance policy in 2010 will receive an automatic premium reduction. New York State received an extra $430,000 from USDA’s Risk Management Agency to reduce premiums for eligible crop insurance holders in the State.
“Crop insurance is an essential risk-management tool that can help producers balance the financial risk of rising input costs and volatile crop prices,” the Commissioner said. “With the addition of $430,000 in federal aid, crop insurance is becoming more and more affordable for our producers, allowing them to purchase higher levels of coverage that will ultimately result in better financial protection.”
As part of USDA’s Risk Management Agency’s crop insurance education grants, sixteen states, including New York, received a collective total of $3.5 million to reduce producer premiums. New York received more than 12 percent of that funding. The federal assistance will reduce premiums by up to $150 per non-catastrophic, or buy-up, crop insurance policy for eligible New York producers.
The premium reduction will be applied automatically to all eligible 2010 crop insurance policies with reporting deadlines before September 30. If the total producer-paid premium is less than $150, the amount of premium reduction will be capped at 100 percent of the producer premium due. Producers will receive assistance for each eligible policy they hold, up to $50,000. Administrative fees will not be covered under this assistance.
For more information on New York’s crop insurance program or the premium reductions, call 1-800-554-5401 or visit www.agriculture.ny.gov/CropInsurance.
2010 Press Releases