No Direct Word from Crop Insurance Industry on Secretary’s Request
Secretary of Agriculture Tom Vilsack is asking the crop insurance industry not to charge farmers interest on delayed premium payments as a result of the ongoing drought. Vilsack says crop insurance premiums are normally due on August 15th - and companies have been providing a grace period until September 30th. Those unable to pay their premiums accrue an interest penalty of 1.25-percent a month - which USDA is encouraging insurance companies to voluntarily forego through November 1st for spring crops. National Crop Insurance Services President Tom Zacharias said in a statement that the crop insurance industry will continue to work hand in hand with its farmer and rancher customers and USDA to ensure the nation's ag sector survives and bounces back from Mother Nature's many challenges.
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