RMA provides new maps, online tool to help understand SCO, STAX
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WASHINGTON, August 27, 2014 - The U.S. Department of Agriculture (USDA) released additional information on the Supplemental Coverage Option (SCO) availability for Spring 2015 crops and an online decision-making tool how SCO can interact with the new Stacked Income Protection (STAX) plan." Farmers and ranchers interested in learning how SCO can help them better manage unforeseen risks can now find maps showing where the option is available, commodity fact sheets, frequently asked questions, policy information and more at RMA's website www.rma.usda.gov.
To help producers better understand the SCO and Stacked Income Protection Plan for producers of upland cotton (STAX) programs, RMA is also announcing an online Crop Insurance Decision Tool.
This tool, located at http://prodwebnlb.rma.usda.gov/apps/CIDT/ on RMA's website, demonstrates how SCO and STAX plans work - how coverage is determined, when it pays, the approximate premium cost, and how it interacts with an underlying crop insurance policy. This user-friendly resource can help producers quickly explore and understand the variety of coverage options that these new products offer.
Users will get estimates to help them make purchasing decisions. Producers should consult their crop insurance agent for detailed information and a premium quote specific to their operation.
“Giving our farmers the ability to make informed decisions about how to manage their farm risks is critical to the success of agriculture and rural communities,” said RMA Administrator Brandon Willis.
SCO is available for corn, cotton, grain sorghum, rice, soybeans, spring barley, spring wheat, and winter wheat in select counties for the 2015 crop year.
A provision of the 2014 Farm Bill, SCO is a county-level policy endorsement that covers a portion of the deductible of the underlying crop insurance policy administered by USDA's Risk Management Agency (RMA).
“USDA will continue to work toward implementing risk management provisions from the Farm Bill as quickly as possible so producers can plan for the future and protect their businesses,” Willis explained.
RMA plans to expand SCO to include additional counties and crops for the 2016 crop year.
Producers may contact their crop insurance agents to discuss eligibility in time to sign up for winter wheat and spring crops.
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