Montana farmers who bought state hail insurance this year will receive a refund of 10 percent of the premiums they paid.
The state Board of Hail Insurance approved the refunds after reviewing an actuarial report at its annual meeting.
The Montana Department of Agriculture issued 2,556 hail insurance policies covering 2,058,886 acres during 2007, a record amount resulting from increased coverage limits and the outlook for crops based on promising spring moisture, said Director Ron de Yong.
The previous record was 1.9 million insured acres in 2005.
At its Dec. 5 meeting, the board decided premiums for the 2008 crop year will remain the same as those charged this year, said board Chairman Gary Gollehon of Brady.
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