New Crop Insurance Option for Diversified Operations: Whole Farm Revenue Protection
Abstract
The 2014 Farm Bill authorized USDA’s Risk Management Agency (RMA) to develop a new type of revenue insurance product, Whole-Farm Revenue Protection (WFRP). WFRP provides a risk management tool for all commodities on farms with up to $8.5 million in insured revenue. WFRP is not intended for one specific crop, like corn, wheat, or soybeans like traditional revenue and yield insurance products, but is intended to cover all crops and livestock grown on a farm. This new product will replace the Adjusted Gross Revenue (AGR) and Adjusted Gross Revenue-Lite policies.
Notes
The 2014 Farm Bill authorized USDA’s Risk Management Agency (RMA) to develop a new type of revenue insurance product, Whole-Farm Revenue Protection (WFRP). WFRP provides a risk management tool for all commodities on farms with up to $8.5 million in insured revenue. WFRP is not intended for one specific crop, like corn, wheat, or soybeans like traditional revenue and yield insurance products, but is intended to cover all crops and livestock grown on a farm. This new product will replace the Adjusted Gross Revenue (AGR) and Adjusted Gross Revenue-Lite policies.