Rule2022-23111
Walnut Crop Insurance Provisions
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 25, 2022
Effective
October 31, 2022
Issuing agencies
Agriculture DepartmentFederal Crop Insurance Corporation
Abstract
The Federal Crop Insurance Corporation (FCIC) is amending its walnut crop insurance regulations to remove the minimum acreage insurability requirement. This change will align the insurability requirements for walnut crop insurance with other tree nut insurance policies. Many walnut producers also grow other tree nut crops. Having different insurability requirements for crop insurance for similar crops has created additional work and confusion for producers and their Approved Insurance Providers (AIP). Much like other tree nut policies, the Walnut Crop Provisions will continue to require that the producer has a share in the orchard, the trees be adapted to the area, grown in an orchard acceptable to the AIP if inspected, and meet a minimum age requirement. The remaining insurability requirements have proven to be effective underwriting controls in the other tree nut policies to ensure the walnut crop insurance program remains actuarially sound with this change. In aligning the insurability requirements for walnuts and similar crops, this change is expected to make it easier for producers to obtain walnut crop insurance.
Full Text
<html>
<head>
<title>Federal Register, Volume 87 Issue 205 (Tuesday, October 25, 2022)</title>
</head>
<body><pre>
[Federal Register Volume 87, Number 205 (Tuesday, October 25, 2022)]
[Rules and Regulations]
[Pages 64365-64368]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-23111]
========================================================================
Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
========================================================================
Federal Register / Vol. 87, No. 205 / Tuesday, October 25, 2022 /
Rules and Regulations
[[Page 64365]]
DEPARTMENT OF AGRICULTURE
Federal Crop Insurance Corporation
7 CFR Part 457
[Docket ID FCIC-22-0007]
RIN 0563-AC80
Walnut Crop Insurance Provisions
AGENCY: Federal Crop Insurance Corporation, U.S. Department of
Agriculture (USDA).
ACTION: Final rule with request for comments.
-----------------------------------------------------------------------
SUMMARY: The Federal Crop Insurance Corporation (FCIC) is amending its
walnut crop insurance regulations to remove the minimum acreage
insurability requirement. This change will align the insurability
requirements for walnut crop insurance with other tree nut insurance
policies. Many walnut producers also grow other tree nut crops. Having
different insurability requirements for crop insurance for similar
crops has created additional work and confusion for producers and their
Approved Insurance Providers (AIP). Much like other tree nut policies,
the Walnut Crop Provisions will continue to require that the producer
has a share in the orchard, the trees be adapted to the area, grown in
an orchard acceptable to the AIP if inspected, and meet a minimum age
requirement. The remaining insurability requirements have proven to be
effective underwriting controls in the other tree nut policies to
ensure the walnut crop insurance program remains actuarially sound with
this change. In aligning the insurability requirements for walnuts and
similar crops, this change is expected to make it easier for producers
to obtain walnut crop insurance.
DATES: Effective date: This final rule is effective October 31, 2022.
Comment date: We will consider comments that we receive by the
close of business December 27, 2022. FCIC may consider the comments
received and may conduct additional rulemaking based on the comments.
ADDRESSES: We invite you to submit comments on this rule. You may
submit comments by going through the Federal eRulemaking Portal as
follows:
<bullet> Federal eRulemaking Portal: Go to <a href="http://www.regulations.gov">http://www.regulations.gov</a> and search for Docket ID FCIC-22-0007. Follow the
instructions for submitting comments.
All comments will be posted without change and will be publicly
available on <a href="http://www.regulations.gov">www.regulations.gov</a>.
FOR FURTHER INFORMATION CONTACT: Francie Tolle; telephone (816) 926-
7829; or email <a href="/cdn-cgi/l/email-protection#f89e8a99969b919dd68c9794949db88d8b9c99d69f978e"><span class="__cf_email__" data-cfemail="187e6a79767b717d366c7774747d586d6b7c79367f776e">[email protected]</span></a>. Persons with disabilities who
require alternative means for communication should contact the USDA
Target Center at (202) 720-2600 (voice) or (844) 433-2774 (toll-free
nationwide).
SUPPLEMENTARY INFORMATION:
Background
FCIC serves America's agricultural producers through effective,
market-based risk management tools to strengthen the economic stability
of agricultural producers and rural communities. FCIC is committed to
increasing the availability and effectiveness of Federal crop insurance
as a risk management tool. Approved Insurance Providers (AIPs) sell and
service Federal crop insurance policies in every state through a
public-private partnership. FCIC reinsures the AIPs who share the risks
associated with catastrophic losses due to major weather events. FCIC's
vision is to secure the future of agriculture by providing world class
risk management tools to rural America.
Federal crop insurance policies typically consist of the Basic
Provisions, the Crop Provisions, the Special Provisions, the Commodity
Exchange Price Provisions, if applicable, other applicable endorsements
or options, the actuarial documents for the insured agricultural
commodity, the Catastrophic Risk Protection Endorsement, if applicable,
and the applicable regulations published in 7 CFR chapter IV.
Throughout this rule, the terms ``Crop Provisions,'' ``Special
Provisions,'' and ``policy'' are used as defined in the Common Crop
Insurance Policy (CCIP) Basic Provisions in 7 CFR 457.8. Additional
information and definitions related to Federal crop insurance policies
are in 7 CFR 457.8.
The changes to the Walnut Crop Insurance Provisions (7 CFR 457.122)
resulting from the amendments in this rule are applicable for the 2023
and succeeding crop years for crops with a contract change date on or
after October 31, 2022.
Through this rule, FCIC amends the Walnut Crop Insurance Provisions
(7 CFR 457.122) as follows:
FCIC is removing the minimum acreage requirement to align the
insurability requirements with other tree nut policies. The minimum
acreage requirement was originally established to prevent producers
from insuring their backyard trees. The change in this rule will reduce
the additional work and confusion that it causes producers, many of
whom also farm other tree nuts and must annually request a waiver of
the minimum acreage requirement to insure their walnuts.
FCIC is also making a number of clarifications, corrections, and
updates as follows:
FCIC is removing the introductory sentence explaining the order of
priority of policy provisions because the CCIP Basic Provisions
includes the priority order of policy provisions. Therefore, in the
Walnut Crop Provisions, FCIC is removing the introductory sentence
explaining the order of priority of policy provisions because it is
duplicative of the same order of priority included in the CCIP Basic
Provisions.
FCIC is clarifying that the definition of harvest is the removal of
mature walnuts from the orchard, by adding the word ``mature.''
FCIC is clarifying that the definition for ``interplanted''
overrides the definition in the CCIP Basic Provisions, by adding the
statement, ``In lieu of the definition contained in section 1 of the
Basic Provisions'' prior to the description. It will provide clear use
of the definition and its application to the Crop Provisions.
FCIC is clarifying the definition for ``net delivered weight'' is
dry, hulled, whole in-shell walnuts, by adding the word ``whole'' to
match the description of walnuts in the definition for ``production
guarantee (per acre).''
FCIC is clarifying that the definition for ``production guarantee
(per acre)'' is additional to the definition contained in section 1 of
the Basic Provisions and
[[Page 64366]]
that the number of pounds is dry, hulled, whole in-shell walnuts. It
will provide clarity that the number of pounds is whole in-shell
walnuts and will match the description of walnuts in the definition for
``net delivered weight.''
FCIC is replacing the term ``FSA farm serial number'' with ``FSA
farm number'' because the term ``FSA farm serial number'' is obsolete.
A similar change was already implemented in the CCIP Basic Provisions
in 2017 when the definition was changed to remove the word ``serial.''
FCIC is revising the heading for section 3 to ``Insurance
Guarantees, Coverage Levels, and Prices'' by removing the phrase at the
end ``for Determining Indemnities.'' Removing this phrase will align
the heading to match the corresponding section in the CCIP Basic
Provisions. It also helps clarify that price is not exclusively used to
determine indemnities; it is also used to establish the guarantee and
determine the premium due for the producer.
FCIC is correcting the location of certain information (e.g., price
elections) from ``Special Provisions'' to ``actuarial documents.''
FCIC is clarifying the timing and method of yield adjustments, if
circumstances occur that may reduce the yield potential, based on when
the circumstance occurred. The current provision states that the AIP
will reduce the yield used to establish the production guarantee but
does not state when or how the adjustments may apply. These changes
provide three scenarios that contain specific instructions for
adjustments based on the timing of when the circumstance occurred that
may reduce the yield potential and whether the producer notifies the
AIP by the production reporting date.
If the circumstance occurs before the beginning of the insurance
period and the producer notifies the AIP by the production reporting
date, the provisions require the yield used to establish the production
guarantee to be reduced for the current crop year regardless of whether
the circumstance was due to an insured or an uninsured cause of loss.
If the circumstance occurs after the beginning of the insurance
period and the producer notifies the AIP of the circumstance by the
production reporting date, the provisions require the yield used to
establish the production guarantee to be reduced for the current crop
year only if the potential reduction in the yield used to establish the
production guarantee is due to an uninsured cause of loss.
If the producer fails to notify the AIP of the circumstance by the
production reporting date, regardless of whether the circumstance
occurs before or after the beginning of the insurance period, the
provisions require an amount equal to the reduction in the yield to be
added to the production to count due to uninsured causes. In addition,
the provisions require reduction of the yield used to establish the
production guarantee for the subsequent crop year to reflect any
reduction in the productive capacity of the trees or the yield
potential of the insured acreage.
These provisions are similar to provisions that FCIC has added to
other perennial crop insurance policies, such as the Texas Citrus Fruit
Crop Insurance Provisions, published in the Federal Register on June
13, 2016, (81 FR 38061-38067). Adding these provisions is intended to
remove potential ambiguity regarding the consequences when
circumstances occur that will reduce the yield potential and to promote
consistency with administration of similar policies such as the Texas
Citrus Crop Insurance Provisions.
FCIC is correcting punctuation in bulleted lists by adding a semi
colon or adding ``and'' after the semi-colon.
FCIC is replacing the phrase ``growing season after being set out''
with ``leaf year.'' This changes the wording to be consistent with how
the information is shown in the Special Provisions.
FCIC is simplifying the reference to the Special Provisions for
exceptions to the end of insurance period by revising the phrase
``(Exceptions, if any, for specific counties or varieties or varietal
group are contained in the Special Provisions)'' to ``unless otherwise
specified in the Special Provisions.'' The shorter phrase is more
consistent with similar exceptions throughout other Crop Provisions.
FCIC is removing repetitive statements to ``the provisions of'' and
parenthetical titles that reference the CCIP Basic Provisions for
consistency. For example, this change deletes the reference to
provisions and the parenthetical title (Insurance Period) in the
sentence ``In addition to the provisions of section 11 (Insurance
Period) of the Basic Provisions.'' In other Crop Provisions, the
reference to provisions and parenthetical titles do not appear. This
change will make the Crop Provisions more consistent.
FCIC is updating prices and yields in settlement of claim examples,
so they are more reflective of current values and potential
indemnities.
FCIC is simplifying a statement about walnut production exceeding
30 percent mold damage, by revising the phrase ``walnut production that
exceeds'' to ``if walnut production exceeds.'' The remainder of the
statement is unchanged and provides that the unsold walnuts will have
zero production to count.
Effective Date, Notice and Comment, and Exemptions
The Administrative Procedure Act (APA, 5 U.S.C. 553) provides that
the notice and comment and 30-day delay in the effective date
provisions do not apply when the rule involves specified actions,
including matters relating to contracts. This rule governs contracts
for crop insurance policies and therefore, falls within that exemption.
Although not required by APA or any other law, FCIC has chosen to
request comments on this rule.
This rule is exempt from the regulatory analysis requirements of
the Regulatory Flexibility Act (5 U.S.C. 601-612), as amended by the
Small Business Regulatory Enforcement Fairness Act of 1996. The
requirements for the regulatory flexibility analysis in 5 U.S.C. 603
and 604 are specifically tied to the requirement for a proposed rule
under 5 U.S.C. 553 or any other law; in addition, the definition of
rule in 5 U.S.C. 601 is tied to the publication of a proposed rule.
For major rules, the Congressional Review Act requires a delay of
the effective date of 60 days after publication to allow for
Congressional review. This rule is not a major rule under the
Congressional Review Act, as defined by 5 U.S.C. 804(2). Therefore,
this final rule is effective on October 31, 2022.
Executive Orders 12866 and 13563
Executive Order 12866, ``Regulatory Planning and Review,'' and
Executive Order 13563, ``Improving Regulation and Regulatory Review,''
direct agencies to assess all costs and benefits of available
regulatory alternatives and, if regulation is necessary, to select
regulatory approaches that maximize net benefits (including potential
economic, environmental, public health and safety effects, distributive
impacts, and equity). Executive Order 13563 emphasizes the importance
of quantifying both costs and benefits, of reducing costs, of
harmonizing rules, and of promoting flexibility. The requirements in
Executive Orders 12866 and 13563 for the analysis of costs and benefits
apply to rules that are determined to be significant or economically
significant.
The Office of Management and Budget (OMB) has designated this rule
as not
[[Page 64367]]
significant under Executive Order 12866. Therefore, OMB has not
reviewed this rule and analysis of the costs and benefits is not
required under either Executive Order 12866 or Executive Order 13563.
Clarity of the Regulation
Executive Order 12866, as supplemented by Executive Order 13563,
requires each agency to write all rules in plain language. In addition
to your substantive comments on this rule, we invite your comments on
how to make the rule easier to understand. For example:
<bullet> Are the requirements in the rule clearly stated? Are the
scope and intent of the rule clear?
<bullet> Does the rule contain technical language or jargon that is
not clear?
<bullet> Is the material logically organized?
<bullet> Would changing the grouping or order of sections or adding
headings make the rule easier to understand?
<bullet> Could we improve clarity by adding tables, lists, or
diagrams?
<bullet> Would more, but shorter, sections be better? Are there
specific sections that are too long or confusing?
<bullet> What else could we do to make the rule easier to
understand?
Environmental Review
The environmental impacts of this final rule have been considered
in a manner consistent with the provisions of the National
Environmental Policy Act (NEPA, 42 U.S.C. 4321-4347), the regulations
of the Council on Environmental Quality (40 CFR parts 1500-1508), and
because USDA will be making the payments to producers, the USDA
regulation for compliance with NEPA (7 CFR part 1b). As specified in 7
CFR 1b.4(b)(4), FCIC is categorically excluded from the preparation of
an Environmental Analysis or Environmental Impact Statement unless the
FCIC Manager (agency head) determines that an action may have a
significant environmental effect. The FCIC Manager has determined this
rule will not have a significant environmental effect. Therefore, FCIC
will not prepare an environmental assessment or environmental impact
statement for this action and this rule serves as documentation of the
programmatic environmental compliance decision.
Executive Order 12988
This rule has been reviewed under Executive Order 12988, ``Civil
Justice Reform.'' This rule will not preempt State or local laws,
regulations, or policies unless they represent an irreconcilable
conflict with this rule. Before any judicial actions may be brought
regarding the provisions of this rule, the administrative appeal
provisions of 7 CFR part 11 are to be exhausted.
Executive Order 13175
This rule has been reviewed in accordance with the requirements of
Executive Order 13175, ``Consultation and Coordination with Indian
Tribal Governments.'' Executive Order 13175 requires Federal agencies
to consult and coordinate with Tribes on a government-to-government
basis on policies that have Tribal implications, including regulations,
legislative comments or proposed legislation, and other policy
statements or actions that have substantial direct effects on one or
more Indian Tribes, on the relationship between the Federal Government
and Indian Tribes or on the distribution of power and responsibilities
between the Federal Government and Indian Tribes.
The Risk Management Agency (RMA) has assessed the impact of this
rule on Indian Tribes and determined that this rule does not, to our
knowledge, have Tribal implications that require Tribal consultation
under E.O. 13175. The regulation changes do not have Tribal
implications that preempt Tribal law and are not expected have a
substantial direct effect on one or more Indian Tribes. If a Tribe
requests consultation, RMA will work with the USDA Office of Tribal
Relations to ensure meaningful consultation is provided where changes,
additions and modifications identified in this rule are not expressly
mandated by Congress.
The Unfunded Mandates Reform Act of 1995
Title II of the Unfunded Mandates Reform Act of 1995 (UMRA, Pub. L.
104-4) requires Federal agencies to assess the effects of their
regulatory actions of State, local, and Tribal governments, or the
private sector. Agencies generally must prepare a written statement,
including cost benefits analysis, for proposed and final rules with
Federal mandates that may result in expenditures of $100 million or
more in any 1 year for State, local or Tribal governments, in the
aggregate, or to the private sector. UMRA generally requires agencies
to consider alternatives and adopt the more cost effective or least
burdensome alternative that achieves the objectives of the rule. This
rule contains no Federal mandates, as defined in Title II of UMRA, for
State, local, and Tribal governments, or the private sector. Therefore,
this rule is not subject to the requirements of sections 202 and 205 of
UMRA.
Federal Assistance Program
The title and number of the Assistance Listing,\1\ to which this
rule applies is No. 10.450--Crop Insurance.
---------------------------------------------------------------------------
\1\ See <a href="https://sam.gov/content/assistance-listings">https://sam.gov/content/assistance-listings</a>.
---------------------------------------------------------------------------
Paperwork Reduction Act of 1995
In accordance with the provisions of the Paperwork Reduction Act of
1995 (44 U.S.C. chapter 35, subchapter I), the rule does not change the
information collection approved by OMB under control number 0563-0053.
USDA Non-Discrimination Policy
In accordance with Federal civil rights law and USDA civil rights
regulations and policies, USDA, its Agencies, offices, and employees,
and institutions participating in or administering USDA programs are
prohibited from discriminating based on race, color, national origin,
religion, sex, gender identity (including gender expression), sexual
orientation, disability, age, marital status, family or parental
status, income derived from a public assistance program, political
beliefs, or reprisal or retaliation for prior civil rights activity, in
any program or activity conducted or funded by USDA (not all bases
apply to all programs). Remedies and complaint filing deadlines vary by
program or incident.
Persons with disabilities who require alternative means of
communication for program information (for example, braille, large
print, audiotape, American Sign Language, etc.) should contact the
responsible Agency or USDA TARGET Center at (202) 720-2600 or 844-433-
2774 (toll-free nationwide). Additionally, program information may be
made available in languages other than English. To file a program
discrimination complaint, complete the USDA Program Discrimination
Complaint Form, AD-3027, found online at <a href="https://www.usda.gov/oascr/how-to-file-a-program-discrimination-complaint">https://www.usda.gov/oascr/how-to-file-a-program-discrimination-complaint</a> and at any USDA office
or write a letter addressed to USDA and provide in the letter all the
information requested in the form. To request a copy of the complaint
form, call (866) 632-9992. Submit your completed form or letter to USDA
by mail to: U.S. Department of Agriculture, Office of the Assistant
Secretary for Civil Rights, 1400 Independence Avenue SW, Washington, DC
20250-9410 or email: <a href="/cdn-cgi/l/email-protection#a0efe1e3e0d5d3c4c18ec7cfd6"><span class="__cf_email__" data-cfemail="4906080a093c3a2d28672e263f">[email protected]</span></a>.
USDA is an equal opportunity provider, employer, and lender.
[[Page 64368]]
List of Subjects in 7 CFR Part 457
Acreage allotments, Crop insurance, Reporting and recordkeeping
requirements.
For the reasons discussed in the preamble, FCIC amends 7 CFR part
457, effective for the 2023 and succeeding crop years for crops with a
contract change date on or after October 31, 2022, as follows:
PART 457--COMMON CROP INSURANCE REGULATIONS
0
1. The authority citation for part 457 continues to read as follows:
Authority: 7 U.S.C. 1506(l), 1506(o).
0
2. Amend Sec. 457.122:
0
a. In the undesignated introductory paragraph, by removing the year
``2008'' and adding ``2023'' in its place;
0
b. By removing the text between ``Walnut Crop Provisions'' and section
1 (Definitions);
0
c. In section 1:
0
i. In the definition of ``harvest,'' by removing the words, ``the
walnuts'' and adding ``mature walnuts'' in their place;
0
ii. By revising the definition of ``Interplanted'';
0
iii. In the definition of ``net delivered weight'', by removing the
words, ``hulled, in-shell'' and adding ``hulled, whole in-shell'' in
their place; and
0
iv. By revising the definition of ``Production guarantee (per acre)'';
0
d. In section 2, by removing the word ``serial'' in the first sentence;
0
e. In section 3:
0
i. By revising the section heading;
0
ii. In paragraph (a), by removing the words, ``unless the Special
Provisions provide'' and adding ``unless the actuarial documents
provide'' in their place in the first sentence;
0
iii. In paragraph (b)(4), by removing the word, ``anytime'' and adding
the words, ``any time'' in their place;
0
iv. By redesignating paragraph (c) as (d);
0
v. By designating the undesignated paragraph following paragraph (b)(5)
as paragraph (c); and
0
vi. By revising newly designated paragraph (c);
0
f. In section 6:
0
i. In paragraph (c), by adding the word ``and'' at the end;
0
ii. In paragraph (d), by removing the words ``growing season after
being set out'' and adding ``leaf year'' in their place; and
0
iii. By removing paragraph (e);
0
g. In section 7, by removing the words, ``Provisions (Sec. 457.8),
that'' and adding ``Provisions (Sec. 457.8) that'' in their place;
0
h. In section 8:
0
i. In paragraph (a) introductory text, by removing the words ``the
provisions of'';
0
ii. In paragraph (a)(1), by removing the words ``year, except that
for'' and adding ``year except for'' in their place and by removing the
words ``the 10 day period'' and adding ``the 10-day period'' in their
place;
0
iii. By revising paragraph (a)(2);
0
iv. In paragraph (a)(4), by removing the words ``termination dates''
and adding ``termination dates,'' in their place; and
0
v. In paragraph (b) introductory text, by removing the words ``the
provisions of section 11 (Insurance Period)'' and adding ``section 11''
in their place;
0
i. In section 9:
0
i. In paragraph (a) introductory text, by removing the words ``the
provisions of''; and
0
ii. In paragraph (b), by removing the parenthetical phrase, ``(Causes
of Loss)'';
0
j. In section 11:
0
i. By revising paragraph (b)(7); and
0
ii. In paragraph (d), by removing the words ``Walnut production that''
and adding ``If walnut production'' in their place.
The revisions read as follows:
Sec. 457.122 Walnut Crop Insurance Provisions.
* * * * *
1. Definitions
* * * * *
Interplanted. In lieu of the definition contained in section 1 of
the Basic Provisions, acreage on which two or more crops are planted in
any form of alternating or mixed pattern.
* * * * *
Production guarantee (per acre). In addition to the definition
contained in section 1 of the Basic Provisions, the number of pounds is
dry, hulled, whole in-shell walnuts.
* * * * *
3. Insurance Guarantees, Coverage Levels, and Prices
* * * * *
(c) We will reduce the yield used to establish your production
guarantee, as necessary, based on our estimate of the effect of any
circumstance that may reduce your yields from previous levels. Examples
of these circumstances that may reduce yield may include but are not
limited to: interplanted perennial crop; removal of trees; damage; and
change in practices. If the circumstance occurred:
(1) Before the beginning of the insurance period and you notify us
by the production reporting date, the yield used to establish your
production guarantee will be reduced for the current crop year
regardless of whether the circumstance was due to an insured or
uninsured cause of loss;
(2) After the beginning of the insurance period and you notify us
by the production reporting date, the yield used to establish your
production guarantee will be reduced for the current crop year only if
the potential reduction in the yield used to establish your production
guarantee is due to an uninsured cause of loss; or
(3) Before or after the beginning of the insurance period and you
fail to notify us by the production reporting date, an amount equal to
the reduction in the yield will be added to the production to count
calculated in section 11(c) of these Crop Provisions due to uninsured
causes. We will reduce the yield used to establish your production
guarantee for the subsequent crop year to reflect any reduction in the
productive capacity of the trees or in the yield potential of the
insured acreage.
* * * * *
8. Insurance Period
(a) * * *
(2) The calendar date for the end of the insurance period for each
crop year is November 15, unless otherwise specified in the Special
Provisions.
* * * * *
11. Settlement of Claim
* * * * *
(b) * * *
(7) Multiplying the result in section 11(b)(6) by your share.
For example:
You have a 100 percent share in 100 acres of walnuts in the unit,
with a guarantee of 2,500 pounds per acre and a price election of $0.90
per pound. You are only able to harvest 200,000 pounds. Your indemnity
would be calculated as follows:
(1) 100 acres x 2,500 pounds = 250,000 pound insurance guarantee;
(2 & 3) 250,000 pounds x $0.90 price election = $225,000 total
value of insurance guarantee;
(4 & 5) 200,000 pounds production to count x $0.90 price election =
$180,000 total value of production to count;
(6) $225,000 total value guarantee--$180,000 total value of
production to count = $45,000 loss; and
(7) $45,000 x 100 percent share = $45,000 indemnity payment.
* * * * *
Marcia Bunger,
Manager, Federal Crop Insurance Corporation.
[FR Doc. 2022-23111 Filed 10-24-22; 8:45 am]
BILLING CODE 3410-08-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on October 25, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.