This year's drought conditions opens up the potential for aflatoxin issues on the 2012 corn crop. If you suspect aflatoxins on your crop, please notify your agent immediately before harvesting and/or placing harvested grain into storage structures as specific steps must be followed before a quality loss adjustment can be determined. Samples will need to be collected in field by the insurance adjuster to initiate the loss claim process.
Year 2012 Crop Insurance Loss Claim Payments
There is potential for sizable loss claim payments this year; please be advised that the insurance company cannot defer your loss claim payment. You will need to contact your tax accountant professional on the options that are available to you for your individual tax situation.
Year 2012 Premium Payment Deadline
New for 2012 was the change in the premium billing date for spring-seeded crops to August 15, with premium payments due no later than
September 30 before interest accrual would be charged. Due to drought conditions across the US, RMA has approved an extension of the
payment deadline to October 31, thus any premium payment postmarked after October 31 will be charged 2 month's interest.
All losses must be reported within 15 days of harvest or within 45 days of the fall price establishment date. If you anticipate a loss,
contact your agent as soon as possible.
Production Record Reminders
- Keep harvest records by optional unit at a minimum, even if you have elected enterprise units. Further segmentation by field is
- For grain not being delivered directly to an elevator, keep ‘soft' records to document production. These may include load logs,
grain cart scale records, etc.
- If grain is to be fed to livestock, feeding records must be kept. Instead we suggest having your production measured prior to
any feeding. Contact your agent immediately following harvest to schedule a bin measurement.
- If you are commingling year 2012 grain with
production from previous years, contact your agent to schedule a bin measurement of the OLD production.
- Following harvest, report your production in a timely fashion to your agent.