PRODUCT MANAGEMENT BULLETIN: PM–17-050
United States Department of Agriculture
Farm and Foreign Agricultural Services
Risk Management Agency
1400 Independence Avenue, SW
Washington, DC 20250-0801
All Risk Management Agency Field Offices
All Other Interested Parties
The Risk Management Agency (RMA) revised the Whole-Farm Revenue Protection (WFRP) plan of insurance for the 2018 policy year. RMA consulted with stakeholders and based on their feedback, has made the following modifications and clarifications to the WFRP policy:
- Modified the definition of late fiscal filer to include producers with tax years that begin September through December and the early fiscal filer definition to include producers with tax years that begin February through August.
- Added a fall sales closing date of November 20 for late fiscal filers.
- Changed the method of handling indemnity amounts from private policies to include only the portion of the indemnity in excess of the WFRP deductible as revenue to count for WFRP.
- Minor corrections and clarifications.
By the close of business August 31, 2017, the following materials will be available on the RMA Web site (https://www.rma.usda.gov):
- Whole-Farm Revenue Protection Pilot Policy
- Whole-Farm Revenue Protection Frequently Asked Questions
- All Actuarial Information
The WFRP Pilot Handbook will be released by October 15, 2017.
Transitioning to a fall sales closing date for late fiscal filers results in the possibility of duplicate policies this first year for producers who purchased WFRP in 2017 and, who have tax years beginning September through December. The 2017 WFRP policyholders whose fiscal year begins September 1, 2017, or later will:
- Not miss a year of coverage but will skip a ‘policy year’.
- Not be able to purchase a 2018 WFRP policy since they are already insured beginning in the fall of 2017. Example: Producer purchased a 2017 policy March15, 2017, and is a late fiscal filer. Coverage begins November 1, 2017 and ends October 31, 2018.
- Be eligible to purchase a 2019 policy and will be considered to be a carry-over insured. Example: The producer in the example above can purchase a 2019 policy for the 2019 policy year. The previous insurance period ends October 31, 2018.The policy for the 2019 policy year would be purchased by November 20, 2018,and the insurance period would begin November 1, 2018, and end October 31,2019.
Interested producers should contact a crop insurance agent for further information. A list of agents can be found on the RMA Web site: https://www.rma.usda.gov.
December 31, 2018