Product Management Bulletin PM-23-008, released on February 14, 2023, outlines the changes for Hurricane Insurance Protection – Wind Index (HIP-WI) effective for the 2023 and succeeding crop years for crops with a HIP-WI sales closing date of November 1, 2022, or later.
The following changes are applicable for the 2023 and succeeding crop years:
- Added an option for coverage for a tropical storm weather event
- Clarified the definition of County Loss Trigger
- Added the definitions of Final Rainfall Amount, National Oceanic and Atmospheric Administration Climate Prediction Center, Sustained Surface Wind, and Weather Event
- Revised Section 9 to add that National Oceanic and Atmospheric Administration interpolated gridded precipitation data will be used to calculate the Final Rainfall Amount
For the 2023 crop year for crops with a HIP-WI sales closing date of November 1, 2022, or later, an insured must elect the Tropical Storm option on or before April 30, 2023, to be effective. The election must be made on an existing HIP-WI Endorsement. If the insured does not already have a HIP-WI Endorsement, they may elect the HIP-WI Endorsement with the Tropical Storm option. However, a HIP-WI Endorsement without the Tropical Storm option cannot be elected if the 2023 sales closing date for HIP-WI has already passed. In future crop years, the sales closing date for the Tropical Storm option will be the HIP-WI sales closing date.
For additional information, please click on the following hyperlink to review the bulletin: https://rma.usda.gov/en/Policy-and-Procedure/Bulletins-and-Memos/2023/PM-23-008
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