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PCG’s Cottonseed Insurance Now Offered
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A two-year effort by Plains Cotton Growers, Inc. (PCG) to develop an all-new cottonseed insurance endorsement under the umbrella of the federal crop insurance program has cleared its final hurdle and is now ready to be offered to cotton producers throughout the Belt during the 2011 season.
Officially known as the Cotton-seed (Pilot) Endorsement, the product will be available for purchase as an optional insurance endorsement to cotton producers (Upland or Extra Long Staple) who purchase a qualifying buy-up policy of insurance on their cotton lint through the federal crop insurance program for the 2011 growing season.
The Cottonseed Endorsement is best described as a companion endorsement that extends yield-only coverage to producers who purchase a qualifying APH-based buy-up plan of insurance (Yield or Revenue) under the new Combo Policy provisions for cotton.
National Scope Of Program
A prominent feature of the Cottonseed Endorsement was its establishment as a nationwide pilot program, which means it will be available to all cotton producers.
Premiums for the Cottonseed Endorsement will be calculated using a national cottonseed price (which has been set by USDA RMA at $0.09 per pound, or $180 per ton, for the 2011 growing season) and the premium rate applicable to the producers approved lint yield for Yield coverage under USDA RMA’s Combo Policy provisions.
Producers purchasing Revenue coverage on their cotton lint will also have their Cottonseed Endorsement premium calculated based on the rate applicable to Yield only coverage at their approved level.
PCG, Inc., contributed information for this article.
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