The U.S. Department of Agriculture’s (USDA) Risk Management Agency (RMA) has implemented a new crop insurance endorsement, Hurricane Insurance Protection – Wind Index (HIP-WI), the agency announced.
HIP-WI covers a portion of the deductible of the underlying crop insurance policy when a county, or county adjacent, is within the area of sustained hurricane-force winds.
The coverage provided by HIP-WI can be combined with the Supplemental Coverage Option (SCO) and the Stacked Income Protection Plan (STAX) when acreage is also insured by a companion policy.
HIP-WI provides coverage for 70 different crops and is available in counties in the vicinity of the Gulf of Mexico and the Atlantic, as well as Hawaii.
The deadline to purchase HIP-WI coverage for the 2020 crop year is April 30, 2020.
An administrative fee and premium for the crop covered by each HIP-WI Endorsement will be due in addition to any administrative fee and/or premium for the underlying policy.
However, the HIP-WI administrative fee may be waived if the producer qualifies as a limited resource farmer, a Beginning Farmer Rancher (BFR) or a Veteran Farmer Rancher (VFR).
Crop insurance is sold and delivered solely through private crop insurance agents.
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