CEDAR RAPIDS, Iowa (KCRG) - There is not much time left to report acres for a Risk Management Agency (RMA) coverage option.
The U.S. Department of Agriculture's RMA says producers who purchased or plan to purchase the 2019 Supplemental Coverage Option (SCO) policy should report Agriculture Risk Coverage (ARC) or Price Loss Coverage (PLC) election intentions to their crop insurance agent by March 15th or the acreage reporting date, whichever is later.
Producers have the option to go through either ARC or PLC and the 2018 Farm Bill lets producers make the decision for the next two years. But the Federal Crop Insurance Act stop producers from having a SCO on farms where they elect for ARC. Because of the timing of the Farm Bill, the election period will not happen until the SCO closing dates are over.
The USDA adds the existing penalties for misreporting eligible acreage on the SCO endorsement will not apply in 2019.