As we look ahead to the 2024 crop year, Precision Risk Management (PRM) wants to alert all our valued customers to an important change announced by the Risk Management Agency (RMA). In recent years, producers were given some leniency when it came to making their crop insurance premium payments after the deadline, as interest did not accrue immediately. This policy has changed for 2024, and producers should be aware of the implications.
New Interest Accrual for Missed Premium Payments in 2024 Crop Year
For the 2024 crop year, any missed premium payments will begin accruing interest the day after the billing deadline. If you miss your premium payment, you will start accruing interest immediately after the dates listed below:
- Multi-Peril Crop Insurance (MPCI): September 30, 2024
- Pasture, Rangeland, Forage (PRF): September 30, 2024
- Margin Protection: September 30, 2024
- Crop Hail: October 1, 2024
This is a departure from previous years, where interest was waived for a brief period after the deadline. It’s essential that producers plan ahead to ensure their payments are made on time to avoid additional costs.
You can look at the top of your billing statement to see the date of your specific policy billing date:
The interest accrual schedule will also appear on your billing statement:
What to Do If You Canโt Meet the Deadline
We understand that unforeseen circumstances can sometimes make it difficult to meet payment deadlines. If you anticipate being unable to make your premium payment on time, repayment plan options are available. The repayment plans won’t stop interest from being accrued but can delay the termination of a policy. Contact your PRM Risk Management Advisor or our Sales Support Team (SST) as soon as possible to discuss the best solution for your situation.
Pay Your Premium Online with the PRM Customer Portal
The easiest and fastest way to pay your premium is through the online portal. The PRM Customer Portal also allows a quick overview of yourย policy with PRM: view claims status, see policy documents, and pay your premium all from the portal. The portal isย easy to use and very intuitive. It is the easiest and fastest way to manage your policy. It is included for all PRM customers.
You can request portal access here. You can access the portal here.
Questions? Weโre Here to Help
If you have any questions or need clarification about this change, donโt hesitate to reach out. Your Risk Management Advisor or the Sales Support Team (SST) is ready to assist you in navigating this update. Call the SST team at (605) 827-2011.
