Per Managers Bulletin MGR-21-006, the Risk Management Agency (RMA) has authorized approved insurance providers (AIPs) to provide additional time for policyholders to pay premium and administrative fees.
With the extension, interest accrual will be waived to the earliest of an additional 60 days of the scheduled payment due date or the termination date on policies with a premium billing date between August 1, 2021, and September 30, 2021. Interest accrual will begin after this additional period for any unpaid premium and administrative fees.
RMA also authorized AIPs to provide additional time for policyholders to make payment for written payment agreements due between August 1, 2021 and September 30, 2021. Payments may be extended up to 60 days of the scheduled payment due date and considered a timely payment. This extension will not be considered a modification of the written payment agreement, and any additional interest for the payment during this 60-day period may be waived.
In addition, as mentioned in the July newsletter, policy language has been updated as of July 6th, to allow producers with crop insurance to hay, graze or chop cover crops at any time and still received 100% of the prevented planting payment.
NOTE: ProAg will extend this waiver of interest to applicable Private Product billing dates, however, the waiver of interest does not extend to cash discount due dates.
Please access the following hyperlink to review the full Mangers Bulletin: https://rma.usda.gov/en/Policy-and-Procedure/Bulletins-and-Memos/2021/MGR-21-006
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