As outlined in Product Management Bulletin: PM-22-051, published on August 18, 2022, the following changes were approved to the WFRP plan of insurance and the Micro Farm program, and are effective for the 2023 and succeeding policy years:
- The maximum insurable revenue for WFRP was increased from $8.5 million to $17 million to enable more producers to participate in the program;
- The existing expense reporting procedures were replaced with a 40% reduction in expected revenue for commodities that cannot be planted due to insurable causes.
NOTE: This reduction results in a similar value to prevented planting payments for other FCIC reinsured programs while reducing the total amount of paperwork required for the policy.
- Yield reporting requirements were adjusted at the sales closing date to streamline record keeping and reduce overall paperwork; and
- The maximum approved revenue for the Micro Farm program was increased from $100,000 to $350,000, addressing stakeholder concerns that the low maximum approved revenue was limiting access to Micro Farm for local food producers.
Please click on this link to access the bulletin in full.
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