CHARLESTON, W.Va. – A new insurance program aimed at guaranteeing farm income is being supported by West Virginia Commissioner of Agriculture Gus R. Douglass.
The Adjusted Gross Revenue Lite Program is backed by the USDA Risk Management Agency and is available in a dozen northeastern states traditionally considered to have been underserved by USDA crop insurance programs.
No mercy. “We all face some level of risk, but the livelihood of farmers is at the mercy of factors beyond human control,” Douglass said.
“Too little moisture, or as we experienced this year, too much moisture, can have severe consequences on the finances of our farm families.
“This program provides insurance against the bad years.”
Where to find it. The program will be sold through private insurance companies, not through any government agencies, and varying levels of coverage will be available at different premium rates.
The signup for crop year 2004 must be completed by the end of January, but that registration would be ongoing for subsequent crop years.
The program can be used as stand-alone coverage or in addition to other individual crop insurance policies.
Costs. Premium cost depends on revenue history, level of coverage, rate of payment and diversification on operation.
Federally backed insurance programs typically have catered to Midwestern row crops rather than the livestock-intensive agriculture.
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