Photo © Patty O’Brien / www.summercrowphotos.com
Earlier this month the USDA’s Risk Management Agency announced a new insurance policy available for 2015. With the Whole-Farm Revenue Insurance policy, producers have the opportunity to insure between 50 to 85 percent of their revenue.
The new policy includes a variety of coverage including expanding operations, replanting, market readiness costs and more. In addition to insurance coverage, the Whole-Farm Revenue Insurance policy will provide premium subsidies to farms with two or more commodities.
“Whole-Farm Revenue Protection allows these growers to insure a variety of crops at once,” the USDA press release explained, “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.”
For more information visit the RMA’s full press release or the USDA’s Farm Bill webpage.
Spring sales closing dates are quickly approaching for Multiple Peril Crop Insurance (MPCI) programs, which include the whole farm insurance programs Adjusted Gross Revenue Pilot (AGR) and Adjusted Gross Revenue-Lite (AGR-Lite). Both current policyholders and uninsured growers must make decisions on crop insurance coverage before the closing dates. See below for specific dates:
- January 31, 2013: Final date to buy or change AGR insurance in select counties. Final date to submit required documents to continue or change 2013 AGR-Lite insurance for existing policyholders.
- March 15, 2013: Final date to buy or change all other Spring Seeded MPCI (excluding those crops with other closing dates). Final date to buy 2013 AGR-Lite insurance for new application/enrollment policies.
Producers should visit their local crop insurance agent as soon as possible for specific details because the closing dates vary for specific crops. If there is no coverage in a county for a specific crop under the traditional MPCI program, producers are encouraged to ask crop insurance agents whether they would be eligible under a written agreement.
A list of crop insurance agents is available at all USDA Service Centers or on the Risk Management Agency’s website.