New
Crop Insurance option for specialty crop growers and diversified
farms
Whole-Farm Revenue Protection available in
Illinois, Indiana, Michigan and Ohio
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[February 10, 2015]
SPRINGFIELD
- USDA’s Risk Management Agency (RMA) announced the release of the
Whole-Farm Revenue Protection crop insurance program for the 2015
crop year. The policy allows producers to insure between 50 to 85
percent of their whole farm revenue and makes crop insurance more
affordable for producers, including fruit and vegetable growers and
organic farmers and ranchers.
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Whole-farm revenue protection combines and enhances two popular
and well-known plans of insurance, Adjusted Gross Revenue (AGR)
and Adjusted Gross Revenue-Lite (AGR-Lite). Policy enhancements
include an expanded range of coverage levels, coverage for
replanting, provisions that increase coverage for expanding
operations, a higher maximum amount of coverage and the
inclusion of market readiness costs in the coverage.
The Whole-Farm Revenue Protection program is designed to fit any
farm with up to $8.5 million in insured revenue, including farms
with specialty or organic commodities (both crops and
livestock). The policy allows these growers to insure a variety
of crops at once instead of one commodity at a time. That gives
them the option of embracing more crop diversity and helps
support the production of a wider variety of foods.
Whole-farm revenue protection is available in 45 states,
including Illinois, Indiana, Michigan and Ohio. The whole-farm
premium subsidy is available to farms with two or more
commodities that meet minimum diversification requirements.
Producers can purchase whole-farm revenue protection in
conjunction with individual crop policies as long as those
policies are at a buy-up coverage level.
More information, including availability of the product, can be
found on the RMA website at:
http://www.rma.usda.gov/policies/wfrp.html.
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Sales closing date for the Whole-Farm Revenue Protection program is
March 15, 2015 for the 2015 crop year. Interested producers and
current policyholders are encouraged to visit with a crop insurance
agent to learn how whole-farm revenue protection may fit within
their farm’s risk management needs. Growers must make all of their
decisions on crop insurance coverage on or before the sales closing
date.
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Federal crop insurance policies are sold and delivered solely
through private crop insurance companies and agents. A list of crop
insurance agents is available at all USDA service centers or on the
RMA website at:
www.rma.usda.gov/
tools/agents.
[Niccole Anselm, Risk Management
Agency] |