Crop Insurance Initiatives from USDA
WASHINGTON, D.C. – Crop Insurance Initiatives from USDA were advanced by USDA Secretary Tom Vilsack in a September 25 media release. Two new programs, Agricultural Risk Coverage (ARC) and Price Loss Coverage (PLC), are meant to provide farmers with an alternative to direct payment programs eliminated by the 2014 Farm Bill. Both of these new programs offer protection when market forces cause substantial drops in crop prices and/or revenues. USDA also announced a farmer resource to help calculate what each program could mean to them. (www.fsa.usda.gov/arc-pic)
September 29 marks the first date when farmers may visit their local Farm Service Agency office if they wish to update their yield history and/or reallocate base acres — the first step before choosing which program is best suited to meeting their specific risk management needs. NOTE: Although not referenced in the USDA release, farmers should also be contacting their Crop Insurance agent on a regular basis to keep aware of developments in the new ARC and PLC programs. Agent locator: www.rma.usda.gov.