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Whole Farm Revenue Insurance
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Whole Farm Revenue Insurance

By Brandon Walters, GreenStone Crop Insurance Specialist

One of the biggest changes to come out of the 2014 Farm Bill is one that is not talked about much. The 2014 Farm Bill also called for the creation of the Whole Farm Revenue Policy, or WFR. The WFR policy is an insurance product that provides revenue protection for all produced commodities under one insurance policy. It is designed to protect commodities that are produced, as well as commodities that are purchased for resale, during the insurance year.

For those readers who are familiar, it is similar to the Adjusted Gross Revenue (AGR) and AGR-lite policies that have been around for a while now, but instead of only being available in limited areas, this new policy is available in every county within GreenStone’s territory. The amount you can cover is based on reported revenue on your schedule F. Coverage levels range from 50-85 percent in 5 percent increments; and coverage is based on the farm’s five year historic average revenue, or the farm’s current year projection, whichever is less.

Liability on the policy is limited to $8.5 million dollars, and the only commodities that are not able to receive coverage are timber, forest, and forest products. Livestock kept for sport, show, or pets are also excluded. The sales close date for the WFR policy will be March 15 annually.
WFR protection can be purchased as a standalone policy, or it can be bought in conjunction with other Federal crop insurance policies. As an example, a farm that produces corn, soybeans and pumpkins could have a Federal MPCI policy that covers their corn and soybeans, and obtain a WFRP policy to cover their pumpkins. In this type of example, the underlying liability on the corn and soybean policies would be removed from the WFR policy, leaving the protection on the pumpkins.

To be eligible for a WFR policy, the producer must:

  • Be a U.S. citizen
  • Be eligible to receive Federal benefits
  • File either a Schedule F tax form, or other farm tax form that can be converted to a substitute schedule F
  • Have five consecutive years of farm tax history (For 2015 coverage, records from 2009-2013 must be available)
  • Have no more than 50 percent of total revenue from commodities purchased for resale

We are excited about the new WFR policy, because it makes revenue coverage available to basically anyone who produces or sells an agricultural commodity. Michigan and Wisconsin are two of the most agriculturally unique states in the U.S., and this type of policy will make a safety net available in areas where there historically has been no other option.

If you think a WFR policy may be right for your agricultural operation, please do not hesitate to reach out to your crop insurance specialist today!