Sec. 11001. Supplemental coverage option
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Section 508(c) of the Federal Crop Insurance Act ( 7 U.S.C. 1508(c) ) is amended by striking paragraph
(3)and inserting the following: A producer shall have the option of purchasing additional coverage based on— an individual yield and loss basis; or an area yield and loss basis; or an individual yield and loss basis, supplemented with coverage based on an area yield and loss basis to cover part of the deductible under the individual yield and loss policy, as authorized in paragraph (4)(C). . Section 508(c) of the Federal Crop Insurance Act ( 7 U.S.C. 1508(c) ) is amended by striking paragraph
(4)and inserting the following: Except as provided in subparagraph (C), the level of coverage— shall be dollar denominated; and may be purchased at any level not to exceed 85 percent of the individual yield or 95 percent of the area yield (as determined by the Corporation). The Corporation shall provide producers with information on catastrophic risk and additional coverage in terms of dollar coverage (within the allowable limits of coverage provided in this paragraph). Notwithstanding subparagraph (A), in the case of the supplemental coverage option described in paragraph (3)(B), the Corporation shall offer producers the opportunity to purchase coverage in combination with an individual buy up policy or plan of insurance offered under this subtitle that would allow indemnities to be paid to a producer equal to part of the deductible under the policy or plan of insurance, if sufficient area data is available (as determined by the Corporation). Coverage offered under this subparagraph shall be subject to a deductible in an amount equal to— in the case of a producer who participates in the agriculture risk coverage program under section 1108(c) of the Agriculture Reform, Food, and Jobs Act of 2013 , 22 percent of the expected value of the crop of the producer covered by the underlying policy or plan of insurance, as determined by the Corporation; and in the case of all other producers, 10 percent of the expected value of the crop of the producer covered by the underlying policy or plan of insurance, as determined by the Corporation. Subject to the deductible imposed by clause (ii), coverage offered under this subparagraph shall cover the first loss incurred by the producer, not to exceed the difference between— 100 percent; and the coverage level selected by the producer for the underlying policy or plan of insurance. Notwithstanding subsection (d), the premium shall— be sufficient to cover anticipated losses and a reasonable reserve; and include an amount for operating and administrative expenses established in accordance with subsection (k)(4)(F). . Section 508(e)(2) of the Federal Crop Insurance Act ( 7 U.S.C. 1508(e)(2) ) is amended by adding at the end the following: In the case of the supplemental coverage option authorized in subsection (c)(4)(C), the amount shall be equal to the sum of— 65 percent of the additional premium associated with the coverage; and the amount determined under subsection (c)(4)(C)(iv)(II) for the coverage to cover operating and administrative expenses. . Section 508(k)(4)(F) of the Federal Crop Insurance Act ( 7 U.S.C. 1508(k)(4)(F) ) is amended by inserting or authorized under subsection (c)(4)(C) after of this subparagraph . The Federal Crop Insurance Corporation shall begin to provide additional coverage based on an individual yield and loss basis, supplemented with coverage based on an area yield and loss basis, not later than for the 2014 crop year.
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Sec. 11001
Supplemental coverage option
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