Crop of Economic Significance Law and Legal Definition
According to 7 CFR 400.651 [Title 7—Agriculture; Subtitle B -- Regulations of the Department of Agriculture; Chapter IV -- Federal Crop Insurance Corporation, Department of Agriculture; Part 400 -- General Administrative Regulations; Subpart T -- Federal Crop Insurance Reform, Insurance Implementation], crop of economic significance is “a crop that has either contributed in the previous crop year, or is expected to contribute in the current crop year, ten percent (10%) or more of the total expected value of the producer's share of all crops grown in the county. However, a crop will not be considered a crop of economic significance if the expected liability under the Catastrophic Risk Protection Endorsement is equal to or less than the administrative fee required for the crop.”
