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Additional Price Elections:
In accordance with section 3(e)(1) of the Basic Provisions, RMA is providing additional price elections for selected APH, SCO and ECO dry bean types with a February 28, 2021 SCD.
On November 19, 2020, RMA released the 2021 Enhanced Coverage Option Endorsement (21-ECO) and 2021 Enhanced Coverage Option Insurance Standards Handbook (FCIC-24400) on the RMA website. ECO provides area-based coverage for a portion of the policyholder’s underlying policy deductible like the Supplemental Coverage Option (SCO). The underlying policy must be under the Basic Provisions of the Common Crop Insurance Policy –Yield Protection, Revenue Protection, Revenue Protection with the Harvest Price Exclusion, Yield Based Dollar Amount of Insurance, and APH policies.
On August 20, 2020, the Federal Crop Insurance Corporation Board of Directors approved the implementation of the ECO, under section 508(h) of the Federal Crop Insurance Act. ECO will be available for the 2021 crop year for select crops with a contract change date of November 30, 2020 or later. ECO provides area-based coverage for a portion of the policyholder’s underlying policy deductible like the Supplemental Coverage Option (SCO).
The Federal Crop Insurance Corporation Board of Directors approved the implementation of the Enhanced Coverage Option (ECO), under section 508(h) of the Federal Crop Insurance Act. The ECO will be available for the 2021 crop year for select crops with a contract change date of November 30, 2020 or later.
RMA will release the policy materials over the next few weeks. Until those policy materials are released, the attachment provides an overview of ECO and the crops that are covered for stakeholder awareness.
