PACE Crop Insurance Option in 2022
In early September, the USDA announced an exciting crop insurance option to go into effect for the 2022 crop year. Corn farmers in certain states who “split apply” nitrogen on non-irrigated ground will have a new choice: Post Application Coverage Endorsement (PACE). This coverage is for growers who apply nitrogen at regular intervals throughout the growing season rather than all at once. PACE is designed to help shoulder some of the additional risk that can accompany nitrogen application throughout the early growing season. PACE implemented payments for yield loss in the case of unforeseen events that prevent a grower from getting the nitrogen applied on time. Growers can reduce runoff or leaching of nutrients into waterways and groundwater by using a more targeted approach and applying nitrogen when the plant can utilize it. In other news, recent policy changes include allowing for cover crops to be baled, chopped, or grazed without loss of payment due to a prevented planting situation. The Federal Crop Insurance Corporation Board has recently approved the PACE program, and additional information can be found here. Contact your crop insurance agent or Peoples Company Land Management (Management@PeoplesCompany.com) with questions.
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