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Agribusiness

Interest Charge Deferral Extension Issued on Spring Crop Insurance Premiums

COUNTRY Financial® adds federal extension to STP, PPA and Crop Hail Policies

November 15, 2019

BLOOMINGTON, Ill. – The U.S. Department of Agriculture’s (USDA) Risk Management Agency this week announced it will continue to defer accrual of interest for 2019 crop year insurance premiums to assist farmers affected by extreme weather conditions. Accrual of any interest on unpaid premiums will be deferred until January 31, 2020. For any premium that is not paid by January 31, 2020, the February 1 bill will reflect five months (September, October, November, December and January) of interest. Premium notices will be mailed on 12/1 and 1/1, along with an additional page describing the extended interest deferral.  

COUNTRY Financial is also taking additional steps to assist farmers who have purchased additional insurance policies for the 2019 crop year. Clients with Soil Type Plus (STP), Pre-Season Price Assurance (PPA), and Crop Hail policies will also be provided the same interest deferral, to match up with RMA’s federal crop extended interest deferral. The accrual of any interest on unpaid STP/PPA premiums will be deferred until January 31, 2020. For any STP/PPA premium that is not paid by January 31, 2020, the February 1 bill will reflect five months (September, October, November, December and January) of interest. For any Crop Hail premium that is not paid by January 31, 2020, the February 1 bill will reflect four months (October, November, December and January) of interest.  Premium notices will be mailed on 12/1 and 1/1, along with an additional page describing the extended interest deferral.

Clients with additional questions should contact their COUNTRY Financial Certified Crop Representative or call 1-866-COUNTRY.

Media Contact
Chris Coplan
chris.coplan@countryfinancial.com
309-821-5357

Policies issued by COUNTRY Mutual Insurance Company®, Bloomington, IL. This entity is an equal opportunity provider.