CITRUS – APRIL 15, 2018
NURSERY – MAY 1, 2018
Pending disaster payments will require producers to purchase crop insurance or NAP policies on eligible commodities for each of the next two years making the Sales Closing Dates for Citrus and Nursery Multi-Peril Crop Insurance (MPCI) policies more significant this year than before.
The Bipartisan Budget Act of 2018 created the new 2017 Wildfires and Hurricanes Indemnity Program (2017 WHIP) to make disaster payments as provided by Congress, to help America’s farmers and ranchers recover from hurricanes and wildfires.
The bill appropriates $2.36 billion for crop disasters as a result of hurricanes and wildfires subject to the following:
Producers who purchased crop insurance or Noninsured Crop Disaster Assistance Program (NAP) on eligible crops will be allowed to recoup up to 85 percent of their losses.
Producers who did not have crop insurance or NAP on eligible crops will be allowed to recoup up to 65 percent of their losses.
Producers receiving payments will be required to purchase crop insurance or NAP policies on eligible commodities for each of the next two years.
The USDA is working out details for distributing the funds with a sign-up date and final rules targeted at July 16, 2018.
The new 2017 WHIP will provide significant disaster assistance and be guided by the following principles:
Eligibility will be limited to producers in counties that experienced hurricanes or wildfires designated as presidentially-declared disasters in 2017;
Compensation determined by a producer’s individual losses rather than an average of losses for a particular area (where data is available);
Producers who purchased higher levels of risk protection, such as crop insurance and noninsured crop disaster assistance program, will receive higher payments;
Advance payments up to 50 percent; and
A requirement that payment recipients obtain future risk protection.
Stay tuned for additional information. More information found at: https://www.usda.gov/media/press-releases/2018/04/06/usda-implements-236-billion-help-agricultural-producers-recover