Dairy farmers participating in the Dairy Margin Protection Program as part of the 2014 farm bill must make their final premium payments by Monday, June 1.
Participating farmers were required to pay at least 50% of the premium and the $100 administrative fee at the time of sign-up. The balance of the premium is due June 1.
According to the regulation: “If an operation fails to pay either the required annual administrative fee or premium owed on time, it remains obligated for payment of such administrative fee and entire premium, but will lose coverage until the premium is paid.”
In subsequent years, even if the farm does not take out additional coverage, it will be liable for the $100 administrative fee. It will also be automatically covered at the $4 margin level on 90% of its production base, but only if the fee is paid.
You can read the full regulation here.