In response to feedback received from the producers, the U.S. Department of Agriculture is improving crop insurance for hemp.
USDA’s Risk Management Agency is strengthening the hemp crop insurance policy by adding flexibilities around how producers work with processors as well as improving consistency with the most recent USDA hemp regulation.
“Hemp is an emerging crop, and we are working with hemp producers to provide insurance options that make sense for producers and for insurance providers,” RMA Administrator Marcia Bunger said. “RMA has worked to expand and refine our offerings to be responsive and dynamic.”
RMA revised the policy to add flexibility to the insurability requirements for hemp under contract. Producers are no longer required to deliver hemp without economic value for insurability. However, contracts between producers and processors may still include delivery requirements. Additionally, RMA clarified how the amount of insurable acreage is determined if the processor contract specifies both an acreage and a production amount. This change was made in the policy to ensure producers know how their insurable acreage is determined for those contracts.
Source: thefencepost
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