Just approved! For the first time, many forage farmers have access to a Forage Production Revenue Protection insurance program. The program provides protection against yield and price losses. With a September 30 sales closing date for most program states, farmers and crop insurance agents are encouraged to learn how the program works in time for this year’s enrollment.
The goal is to help farmers understand the new insurance option and determine how it may help manage risk. A free educational webinar will be held Tuesday, August 11, at 1:00 p.m. CDT. The webinar is also designed to help crop insurance agents become familiar with the product before the upcoming enrollment deadline.
Webinar presenters include Glenda Blindert, a National Alfalfa & Forage Alliance (NAFA) Board Member working with Blindert Insurance Agency and Brannick Sweetser of AgriLogic Consulting, both members of the product development team for this new program.
The new program leverages the relationship between forage prices and the futures prices of corn, soybean meal, and Class III milk to provide in-season price risk protection and more representative insurable values. During the webinar, you will get a full program overview – learn about eligible forage crops and alfalfa mixtures, coverage options, premium estimates, production record requirements, how projected and harvest prices are determined, important enrollment deadlines, and when written agreements may be available. Using real-world examples, learn how coverage and indemnities are calculated.
Available Coverage
Coverage is currently available in Wisconsin counties. Alfalfa is insurable throughout the program area, while red clover, timothy, orchardgrass, and birdsfoot trefoil are insurable in select states. Farmers in participating states whose county is not already included in the program area may be able to obtain coverage through a written agreement.
Participants attending the live webinar will have the opportunity to ask questions directly to the product development team.
Register at bit.ly/AlfalfaRevenueProtectionWebinar to receive your link for the Forage Production Revenue Protection program webinar. To participate in the live webinar or view the on-demand webinar, you must register at bit.ly/AlfalfaRevenueProtectionWebinar. Review USDA’s Risk Management Agency’s Fact Sheet and AgriLogic’s program design overview and price discovery timelines at alfalfa.org/ForageProductionRevenueProtection.php.
Leave a Reply