[Code of Federal Regulations]
[Title 7, Volume 10]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1405.6]

[Page 359]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER XIV--COMMODITY CREDIT CORPORATION, DEPARTMENT OF AGRICULTURE
 
PART 1405_LOANS, PURCHASES, AND OTHER OPERATIONS--Table of Contents
 
Sec. 1405.6  Crop insurance requirement.

    (a) To be eligible for any benefits or payments under 7 CFR part 
1410 the producer must obtain at least the catastrophic level of 
insurance for each crop of economic significance in which the producer 
has an interest or provide a written waiver to the Secretary that waives 
any eligibility for emergency crop loss assistance in connection with 
the crop, if insurance is available in the county for the crop. In 
meeting this requirement, the producer may:
    (1) Obtain at least the catastrophic level of crop insurance in all 
counties for each crop of economic significance in which the producer 
has an interest;
    (2) Obtain at least the catastrophic level of crop insurance for 
some, but not all, crops of economic significance for which the producer 
has an interest, and sign a waiver; or
    (3) Sign a waiver that waives any eligibility for crop loss 
assistance in connection with the producer's crop.
    (b) Crop of economic significance. The term ``crop of economic 
significance'' means a crop that has contributed in the previous year, 
or is expected to contribute in the current crop year, 10 percent or 
more of the total expected value of all crops grown by the producer. 
However, notwithstanding the preceding sentence, if the total expected 
liability under the catastrophic risk protection endorsement is equal to 
or less than the administrative fee required for the crop, such crop 
will not be considered a crop of economic significance.

[61 FR 37575, July 18, 1996, as amended at 68 FR 32337, May 30, 2003]