Webinar to Explore Benefits of Diversity in Whole-Farm Revenue Crop Insurance

A free webinar on "The Benefits of Diversity: Another Look at Whole-Farm Revenue Protection in Iowa and Midwest” will be held Thursday, May 21, from 12 to 1 p.m.(CST), offered by the National Center for Appropriate Technology.

The webinar’s focus will be on how WFRP may improve coverage and lower insurance cost for field crop farms that have, or are contemplating, adding greater diversity to their cropping systems or even considering new livestock production.

To register for the free NCAT WFRP webinar: http://www.ncat.org/events/

NCAT is a national nonprofit that champions small-scale, local, and sustainable solutions to reduce poverty, promote healthy communities, and protect natural resources.

According to the webinar’s presenter, NCAT Agriculture Policy and Funding Research Director Jeff Schahczenski, Iowa and Midwest producers have had their first chance to sign up for the new Whole-Farm Revenue Protection (WFRP) crop insurance program in early 2015. A relatively small number of producers opted to participate in Iowa and the Midwest. Numbers were much greater in other states and regions, where similar products have been available prior to the new WFRP crop insurance program, created under the 2014 Farm Bill.

“We want to make sure that Midwestern farmers have the best information to consider this new program that expands insurance options for specialty crops, organic, and diversified crop and livestock producers,” Schahczenski said.

WFRP offers a whole-farm premium subsidy to farms with two or more commodities that is the same as those provided for single crop policies, as long as minimum diversification requirements are met. The WFRP policy offers a higher premium subsidy for diversified and specialty crops than previous crop insurance products.  Coverage levels can range anywhere from 50 to 85 percent, depending on the level producers feel is appropriate for their businesses.

The webinar will be recorded for future viewing online. The parties involved are equal opportunity providers.

Other Resources

NCAT has a 4-page “Primer on Whole-Farm Revenue Protection Crop Insurance: New for Iowa Producers in 2015” that can be downloaded for free.

NCAT’s Midwest Regional Office in Iowa was awarded a Risk Management Education Partnership cooperative agreement through the RMA. More information about the WFRP pilot program is available on the USDA Risk Management Agency website at http://www.rma.usda.gov/

 All federal crop insurance is sold solely through Approved Insurance Providers (AIPs), who are required to offer the WFRP pilot program to all eligible persons in the pilot area. The signup deadline has already passed for the 2015 crop year, but producers should contact their agents if they want to consider this new option for the future. A list of approved crop insurance agents by state can be found at: http://www3.rma.usda.gov/tools/agents/companies/indexCI.cfm.

Contacts:

Jeff Schahczenski, NCAT Agriculture Policy and Funding Research Director, jeffs@ncat.org, 406-494-8636 or Ann Y. Robinson, NCAT Midwest Regional Office Director, annr@ncat.org, 479-587-3474