By Nick Paulson, Gary Schnitkey, and Krista Swanson with the Department of Agricultural and Consumer Economics at the University of Illinois and Carl Zulauf, Department of Agricultural, Environmental and Development Economics at Ohio State University
The Enhanced Coverage Option (ECO) is a new supplemental insurance program that will be available in 2021. ECO is an option that can only be added to an underlying individual plan of insurance and provides area-based coverage similar to the Supplemental Coverage Option (SCO).
Overview of ECO
ECO will be available for purchase on 31 spring-planted crops including corn, soybeans, and wheat (RMA 2020a and 2020b). ECO is purchased as an endorsement to an eligible individual insurance plan such as Revenue Protection (RP), Revenue Protection with the Harvest Price Exclusion (RP-HPE), or Yield Protection (YP). It cannot be used with an underlying area plan of insurance (i.e. Area Risk Protection Insurance (APRI) or Margin Protection). ECO
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Enrollment in Dairy Margin Coverage surged 27% for next year as farmers applied a key lesson of the pandemic.
More than 17,000 farms will be protected in 2021 through USDAâs main dairy risk management program.
Thatâs 68% of the operations with production history on file with the government, according to Mondayâs numbers from the Farm Service Agency.
âI still donât think thereâs enough farmers taking advantage of the program, but itâs a significant increase over last year, and Iâm pleased with that,â said Zach Myers, risk education manager at the Center for Dairy Excellence.
The leap in enrollment comes after many farmers, not expecting a payment, dropped coverage for 2020. Myers believes farmers were trying to rebuild their finances after a string of bad years.