Whole Farm Revenue Protection (WFRP) was expanded dramatically in 2016, says Scott Silveus, president of Silveus Insurance Group, in a new video. “It’s not right for everybody, but for the people it’s right for, it can be a game changer. It can revolutionize the way you insure your crops.”
WFRP was designed to insure all commodities on a farm under one insurance policy, and according to Silveus, it is one of the best products for risk management. WFRP protects farmers against loss of revenue from commodities produced as well as commodities purchased for resale during the insurance period, and also provides replant coverage for annual crops.
“It’s surprising more people don’t know about Whole Farm,” Silveus says in the new video. “Traditional crop insurance insures a historical yield times an indexed price, whereas Whole Farm Revenue Protection is going to give you a lot more bang for your buck. You’re allowed to insure multiple crops, including some crops that don’t even have federal programs. Often times we can combine levels of Whole Farm right along with levels of multi-peril crop insurance for an optimal mix of individual coverage.”
As a result, Silveus explains, farmers who grow soybeans, field corn, some seed corn, maybe mint and some other types of vegetables, for example, are able to put in hundreds of thousands of dollars of coverage – even millions of dollars of coverage – for rates under 1%.
“When you can insure that much for such a low cost, it changes the way you think about insurance,” he says.
WFRP allows farmers to insure whichever is lower, a 5-year average of historic revenue or expected revenue for the current year, across all commodities on the farm under one insurance policy. Designed to provide farms with coverage for 50 to 85 percent of their projected income, WFRP insures up to a cap of $8.5 million in revenue guaranteed. Producers who are eligible include those growing specialty or organic commodities – crops and livestock, or those marketing to local, regional, farm-identity preserved, or direct markets.
Contact Silveus Insurance Group for more information about Whole Farm Revenue Protection, visit the WFRP product page on our website.