Federal Crop Insurance Fairness Act of 1992

Federal Crop Insurance Fairness Act of 1992 - Amends the Federal Crop Insurance Act with respect to crop insurance yield coverage to: (1) base coverage on a producer's crop yields for a commodity over four-to-ten crop years; (2) provide for a minimum yield coverage floor; (3) limit transitional yield data use to not more than four years; and (4) permit the use of previous yield or transitional yield data for new land.

States that late planting coverage shall: (1) extend for up to 25 days after the final planting date; and (2) reduce yield guarantee by one percent per day for the first ten days and two percent per day for the next 15 days.

Includes prevented planting coverage with substitute crop option as part of the basic crop insurance policy. Provides 50 percent coverage for a natural disaster-caused prevented planting.

Authorizes levels of coverage in excess of 75 percent of recorded or appraised average yield under specified circumstances.

Requires the Federal Crop Insurance Corporation to submit a report to the appropriate congressional committees on the feasibility of providing de minimis yield coverage.