Maryland farmers are being reminded that the last day for purchasing coverage is nearly here.
Farmers in Maryland have been issued a reminder by the state’s Department of Agriculture, in order to make sure that they are aware of the fact that if they want to buy crop insurance for spring seeded crops – or alter the coverage that they already have – they will need to do so by the deadline of March 15.
Some of the types of plant that are included in this coverage include soybeans, corn, oats, and grain sorghum.
One of the new options that has become available as a part of the crop insurance protection for producers in Maryland for the 2013 growing year includes the Trend Adjusted Yield Option. This adjusts the coverage database historical Actual Production History Yields in order to more accurately reflect the improvements that have been made in production technology and plant genetics.
This added crop insurance option may provide farmers with considerably more accurate protection.
This crop insurance could allow farmers to boost the amount of protection at a notably lower cost than would be possible by raising their coverage levels.
Last year in Maryland, there were over 6,600 crop insurance policies sold, at an investment from farmers of over $12 million, and which covered them for up to $359 million in liabilities. Nearly 50 percent of wheat acres, 70 percent of acres of soybean, and 80 percent of the acres of corn were covered by some form of farmers protection.
This year, as was the case in 2012, the growers that are purchasing coverage for several, or large forms may also be eligible for the option of buying protection through “enterprise units”, which allow them to receive a discount of up to 50 percent. Last year, the participation in that form of coverage rose to 270,000 acres. This represented approximately 30 percent of Maryland’s net acres.
This year, the producers of the spring seeded plants will be required to register for federally covered crop insurance, or make the changes to the policies that they already have, by the final deadline of March 15, or they will risk missing out on the ability to protect their acres.