Farmers and ranchers are facing widespread drought conditions in many parts of the country, causing catastrophic damage to crops. The USDA Risk Management Agency (RMA) has announced flexibilities to help farmers through these challenging times.
Farmers Mutual Hail will defer interest charges on MPCI and private product premiums on policies with premium billing dates between August 1, 2021, and September 30, 2021. Interest will be waived to the earliest of an additional 60 days of the scheduled due date or the termination date.
Payments with the above billing dates must be paid by November 30, 2021, and interest will begin to accrue on December 1, 2021.
FMH will generate billing statements on August 24, 2021. All policies keyed and approved in FMHA will have a bill generated on this date.
Policyholder Flyer: FMH policyholders will receive a flyer about MPCI and private product interest deferral along with their billing statements.
View the Flyer
Deferral of interest does not affect the crop termination date. The Statement of Unpaid Accounts is available on FMHA for reviewing your insureds with termination dates prior to November 30, 2021.
Example: Margin Protection policies terminate on November 15, 2021 which is earlier than the November 30, 2021 extension date. Therefore, payment must be received by the applicable termination date.