GEORGETOWN, Del. — Whole Farm Revenue Protection is now available in Delaware and nationwide. Some Delaware producers are already taking advantage of this emerging income insurance product to ensure operational cash flow. University of Delaware Cooperative Extension and the USDA Risk Management Agency are now offering a chance for Delaware producers to get a better understanding of this beneficial program
On Aug. 22, there will be an informational meeting at the Carvel Education Center, 16483 County Seat Highway, Georgetown, Delaware 19947 starting at 8:30 a.m. Speakers will include:
- DDA Secretary of Agriculture Michael Scuse
- DDA Deputy Secretary of Agriculture Kenny Bounds
- Ben Thiel (Risk Management Agency, Spokane, WA)
- Dr. Jarrod Miller (University of Maryland, Extension Ag Educator)
- Don Clifton (Farmers First Services, Inc.)
WFRP topics will be covered during the workshop, including eligibility, basic coverage criteria, how commodities are counted, allowable revenue/expenses, and loss/claim information. After attending this workshop producers should be able to contact their crop insurance agents already knowing some of the basics of WFRP.
Whole-Farm Revenue Protection provides a risk management safety net for all commodities on the farm under one insurance policy. 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.
WFRP may be described as an umbrella policy covering a wide array of farm production, both insurable commodities and those for which insurance is not currently available. Many crops which are non-insurable individually are high revenue, high input ventures, involving relatively higher risk. Such crops can often represent a higher percentage of farm revenue than proportionate acreage.
Although WFRP is especially effective coverage for diversified operations with multiple crops and/or livestock, attractive coverage may be available for qualifying operations producing a single commodity.
WFRP protects your farm against the loss of farm revenue that you earn or expect to earn from:
- Commodities you produce during the insurance period, whether they are sold or not;
- Commodities you buy for resale during the insurance period; and
- All commodities on the farm except timber, forest, forest products, and animals for sport, show or pets.
WFRP provides farm growth provisions. Operations that have been expanding over time may be allowed to increase their approved revenue amount based on an indexing procedure or, if you can show that your operation has physically expanded (land, animals, facilities, or production capacity) so it has the potential to produce up to 35 percent more revenue than the historic average, your insurance company may approve your operation as an expanding operation to reflect that growth in the insurance guarantee.
— University of Delaware