Crop Insurance Option for Diversified Operations: Whole Farm Revenue Protection
Crop Insurance Option for Diversified Operations: Whole Farm Revenue Protection
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Date
2016-05-11
Authors
Goeringer, Paul
Leathers, Howard
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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 such as 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 has replaced the Adjusted Gross Revenue (AGR) and Adjusted Gross Revenue-Lite policies.