What defines the "policy year" in crop insurance?

The "policy year" in crop insurance refers to the duration from the issuance of the policy until its renewal, which is typically one year. During this time frame, the insured crop is covered against risks such as drought, flooding, or other natural disasters. The policy year establishes the specific time frame in which the terms of the insurance policy are valid, including coverage levels, and any conditions that apply. Having a clear understanding of the policy year is essential for both policyholders and insurers, as it dictates when the coverage begins and ends, ensuring that farmers have the protection they need during the growing season. Other elements such as claims, price evaluations, or premium calculations may vary and occur at different times outside the defined policy year.