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Indiana State Department of Agriculture

ISDA > Divisions > Indiana Grain Buyers > Producer Premium Collection Producer Premium Collection

Securing Your Investment-Protecting Your Future-Farmer's Protection Fund

Grain covered under the Indiana Grain Indemnity Program

  • corn (including popcorn, but excluding sweet corn and flint corn)
  • wheat
  • barley
  • oats
  • sorghum
  • rye
  • oil seeds
  • soybeans
  • other agricultural commodities as approved

Starting July 1, 2015, the Indiana Grain Indemnity Fund will begin collecting producer premiums equal to two-tenths percent (0.2%) of the price on all marketed grain that is sold in Indiana. Collections will continue until the fund contains more than $25 million as of June 30 of any given year.

Premium collections will cease when the fund exceeds $25 million dollars as of June 30 of any given year. If the fund dips below $20 million, premium collections will be reinstated until the fund exceeds $25 million dollars as of June 30 of any given year.

Producer premiums are collected by the first purchasers and quarterly remitted to the Indiana Grain Indemnity Corporation.  The provided remittance forms illustrate how the premiums should be calculated. The premiums collected by the grain buyers will be submitted to the Indiana Grain Indemnity Corporation as follows:

Due Dates:

October 31

- For July, August, and September premiums

January 31

- For October, November, and December premiums

April 30

- For January, February, and March premiums

July 31

- For April, May, and June premiums

The Indiana Grain Buyers and Warehouse Licensing Agency will perform all audit and inspection functions for the program. Audits consist of verification of the calculation, collection, and remittance of the appropriate premiums.

If a premium refund is requested, you are not protected by the fund. However, you may petition the board, at its annual May meeting, for re-entry. Upon acceptance, all refunded premiums are required to be repaid, with interest, for you to be fully covered. If you do not repay premiums before a failure that causes you to lose money, you are not eligible to receive payment from the fund. The premiums secure your investment and protect your financial future.

Keep Your Records!  The Indiana Grain Indemnity Corporation's board may request some proof of the payment of premiums to the fund during the claims validation process. Producers should keep records of all their payments in case of a failure.

If you have questions or would like more information call (317) 232-1360.

Indiana Grain Indemnity Corporation
One North Capitol Avenue
Suite 600
Indianapolis, Indiana 46204