Whole Farm Revenue Protection (WFRP)
WFRP 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. The amount of revenue that can be covered with a WFRP insurance policy is the lower of the revenue expected on your current year’s farm plan or the five year historic income adjusted for growth.
WFRP insurance provides coverage against the loss of revenue that you expect to earn, or will obtain from commodities you produce or purchase for resale during the insurance period under your one insurance policy.
WFRP is available in all 50 states and counties within each state. For calendar year filers and fiscal year filers with a fiscal year beginning August 1 or earlier, sales closing dates are the same as other spring crops sales closing dates applicable for your county (Jan. 31, Feb. 28, or Mar. 15). For fiscal year filers with a fiscal year beginning September 1 or later, the sales closing date is November 20. Check the actuarial documents to see what dates apply in your county.
- Coverage levels from 50-85 percent (depending on the number of qualifying commodities) to fit the needs of more farming and ranching operations.
- Replant coverage for annual crops, except those covered by another Federal crop insurance policy.
- The ability to consider market readiness of costs as part of the insured revenue and expenses.
- A timeline for farming operations that operate as fiscal year filers.
- Streamlined underwriting procedures based on the forms used for WFRP.
WFRP subsidies through diversification
The subsidy for WFRP makes it a very affordable policy. The amount of subsidy is based on the commodity count calculation indicating the amount of farm level diversification of revenue that a farming operation has.
Basic Subsidy-Qualifying Commodity Count: 1
Whole-Farm Subsidy-Qualifying Commodity Count: 2
Whole-Farm Subsidy-Qualifying Commodity Count: 3 or more
What information is needed?
- Five years of historic farm tax records, and expected revenue and expense worksheets for each year, except:
- Beginning Farmer or Rancher qualified insureds may qualify for fewer years;
- If unable to physically farm for one of the required five historic years, but was farming the past year, they will need the four years of tax records that they have, and completed taxes for the last year (the year previous to the insurance year); or
- Tax exempt entities. Tax exempt entities will need acceptable third party records that can be used to complete Substitute Schedule F tax forms for the five year history.
- An Expected Value and Yield Documentation Certification Worksheet.
- A Farm Operation report for the year to show what commodities are planned to be produced, how much of each will be produced, and expected revenue. Some of the historic records may be needed to assist with determining expected prices. If they raise organic commodities, we will need their organic certificate and may need to consult their organic plan.
- Farm marketing records are acceptable records for direct market commodities.
- Summaries of coverage for any individual insurance policies that have been purchased.
- An inventory of commodities, accounts receivable, or accounts payable (if applicable). If there are any livestock commodities, or commodities stored from the previous crop year, a beginning inventory form, plus accounts receivable or accounts payable (if applicable) will be required with the New Application Packet.
- A Pre-Acceptance Worksheet for perennial commodities.
NAU Country has made dedicated efforts in all facets of our team to become the Whole Farm Revenue Protection experts, providing you with the most knowledgeable staff in the industry. We have implemented a structure to ensure there are specialized staff members in the fields of Underwriting, Marketing, and Claims so the American farmer can rest easy knowing they are in the best hands.
- Whole Farm Revenue Protection Training Video
- Whole Farm Revenue Protection PowerPoint Presentation - Located under Training Forms
- 2019 Whole Farm Revenue Protection Update Webinar
- Fact Sheet – WFRP
- Fact Sheet – WFRP Guidance for Lenders
- FAQs – WFRP
- Handbook – WFRP Pilot
- Policy - WFRP Pilot Policy
- Bulletin - PM 18-043