Whole-Farm Revenue Protection (WFRP) provides a risk management safety net for all commodities on the farm under one insurance policy and is available in all counties nationwide. This insurance plan is tailored for any farm with up to $8.5 million in insured revenue, including farms with specialty or organic commodities (both crops and livestock), or those marketing to local, regional, farm-identity preserved, specialty, or direct markets.
RMA has provided additional flexibility to producers by making the following changes to the policy, including:
- Beginning Farmers and Ranchers – RMA makes it easier for more beginning farmers and ranchers to participate in the program by reducing the required records from five to three historical years, plus farming records from the past year. Additionally, any beginning farmer and rancher may qualify by using the former farm operator’s federal farm tax records if the beginning farmer or rancher assumes at least 90 percent of the farm operation.
- Livestock Producers – RMA removed the previous cap that limited participants to those who received 35 percent or less of their income from livestock production. Producers will now be able to insure up to $1 million worth of animals and animal products.
- Expanding Operations – RMA increased the cap on historical revenue for expanding operations to 35 percent from its previous 10 percent to better allow growing farms the opportunity to cover their growth in the insurance guarantee.
- Late Fiscal Filer – RMA modified the definition of late fiscal filer to include producers with tax years that begin September through December and the early fiscal filer definition to include producers with tax years that being February through August.
- New Sales Closing Date – RMA has added a fall sales closing date of November 20 for late fiscal filers.
- Private Policies – RMA changed the method of handling indemnity amounts from private policies to include only the portion of the indemnity in excess of the WFRP deductible as revenue to count for WFRP.
Contact your local ProAg agent today. Let us protect you with the superior service you have come to expect from ProAg.
Click on the brochure thumbnail above to download our PDF brochure or click here.
Other Helpful Information:
- WFRP Pilot Fact Sheet PDF
- WFRP Pilot Lender’s Fact Sheet PDF
- RMA WFRP Pilot FAQs (Aug 2017)
- WFRP Producer Prospectives
- Modifications to WFRP for 2017 PDF
- Modifications to WFRP for 2018 PDF (Aug 2017)
Recordkeeping Aids for Direct Market Producers:
- Recordkeeping Aid for Direct Marketers with Price Information: PDF | Excel
- Basic Recordkeeping Aid for Direct Marketed Commodities: PDF | Excel
*Coverage is summarized. Refer to the actual policy for applicable terms, conditions, limits and exclusions.