The U.S. Department of Agriculture (USDA) recently announced a new peanut revenue policy that will be available for eligible peanut producers. The new policy approved by the Federal Crop Insurance Corporation (FCIC) Board of Directors, on Thursday, Sept. 19, offers a new revenue based insurance coverage, previously not available for peanut growers. The USDA’s Risk Management Agency will now be able to make the program available to producers for the 2015 crop and will allow producers to ensure not only against yield loss but also against reductions in revenue.
The Georgia Peanut Commission and the Western Peanut Growers developed the policy under section 508(h) of the Federal Crop Insurance Act, which allows private entities to design and submit crop insurance products to the FCIC Board.
“I have represented the Georgia Peanut Commission on the crop insurance working group for a number of years and I’m pleased to see final approval of revenue insurance options for growers,” says Andy Bell, Georgia Peanut Commission advisory board member and farmer from Climax, Georgia. “The revenue based insurance provides growers with another tool to aid in the production risk of growing peanuts. Also included is an increase in the replant provision and improved quality adjustment provisions which will allow growers the ability to complete a claim at harvest.”
To assist growers with understanding the changes for 2015, information will be included on the Georgia Peanut Commission’s website at www.gapeanuts.com.