Crop Insurance
Program Funding
Annual program obligations reported to SAM.gov.
Funded Projects
Examples of what this program has supported.
Program Objective
Risk Management Agency’s (RMA) mission is serving America’s agricultural producers through effective, market-based risk management tools and solutions to strengthen the economic stability of agricultural producers and rural communities. To carry out this mission, RMA operates and manages the Federal Crop Insurance Corporation (FCIC).
FCIC provides crop insurance and risk management strategies to American producers. Private sector insurance providers, approved by FCIC, sell and service the policies. RMA develops and/or approves premium rates, administers the premium and expense subsidies, approves and support products, and reinsures the Approved Insurance Providers (AIPs). In addition, RMA sponsor educational programs on risk management and undertakes compliance activities to ensure program soundness.
Eligibility
Eligible Applicants
- Unrestricted by Entity Type
- Unrestricted by Individual Type
Unless otherwise restricted by the insurance policy, owners or operators of farmland, who have an insurable interest in a crop in a county where insurance is offered on that crop, are eligible for insurance.
How to Apply
Award Procedure
The insurance contract becomes effective upon issuance of a Notice of Acceptance by the insurance company. Notices of Acceptance for insurance coverage are issued upon a determination that the applicant is eligible.
From 15 to 20 days.
Program details & compliance
Description
Provides Federal crop insurance to agricultural producers.
Mission Categories
Primary: Agriculture Stabilization and Conservation
Use of Funds
Allowed Uses
FCIC is administered by the Risk Management Agency (RMA), and promotes the national welfare by improving the economic stability of agriculture through a secure system of crop insurance. FCIC provides an actuarially sound risk management program that protects against agricultural production losses due to unavoidable causes such as drought, excessive moisture, hail, wind, hurricane, tornado, lightning, and insects. In addition to these causes, revenue insurance programs are available under which producers of certain crops are protected against loss of revenue stemming from low prices, poor yields, or a combination of both.
Required Documentation
Different types of crop productions information is required depending on the crop insurance purchased
Reporting & Compliance
Applicable 2 CFR 200 Subparts
- Subpart B — General Provisions
- Subpart C — Pre-Federal Award Requirements
- Subpart D — Post-Federal Award Requirements
- Subpart E — Cost Principles
- Subpart F — Audit Requirements
Formula
This program has no statutory formula.
This program has no matching requirements.