All Risk Management Agency Field Offices
All Other Interested Parties
The Peanut Revenue crop insurance program currently has a maximum contract price factor of 1.20 for all types. Stakeholders in the peanut industry have requested the Federal Crop Insurance Corporation (FCIC) consider increasing the maximum contract price factor for some types. On November 15, 2019, under section 508(h) of the Federal Crop Insurance Act, the FCIC Board of Directors approved the following increases to the maximum contract price factors for peanuts:
- 1.45 for conventional (non-organic) and transitional organic practices;
- 3.50 for certified organic Valencia; and
- 2.50 for all other certified organic types.
Beginning with the 2020 crop year, the maximum contract price factor for the Peanut Revenue program will be listed on the actuarial documents of each county by type and practice.
The Peanut Crop Provisions (20-PT-075) will be available by close of business today on the RMA website at www.rma.usda.gov.
Approved insurance providers must notify policyholders of these changes at least 30 days prior to the cancellation date, as required by the policy.
DISPOSAL DATE: December 31, 2019