Whole-Farm Revenue Protection
Stored: Whole-Farm Revenue Protection
| Type | Program |
|---|---|
| Sponsor Organization | Risk Management Agency |
| Top Organization | Department of Agriculture |
| Creation Legislation | Agricultural Act of 2014 (Public Law 113-79), Agricultural Improvement Act of 2018 (Public Law 115-334) |
| Website | Website |
| Purpose | Whole-Farm Revenue Protection, run by USDA via RMA, insures diverse farms against disasters and market risks, stabilizing income up to $17M nationwide. |
| Program Start | 2015 |
| Initial Funding | $50 million (initial program allocation) |
| Duration | Ongoing |
| Historic | No |
The Whole-Farm Revenue Protection (WFRP), established in 2015 under the Agricultural Act of 2014 and expanded by the Agricultural Improvement Act of 2018, is administered by the Department of Agriculture (USDA) through its Risk Management Agency (RMA) to provide insurance policies to farmers, allocating over $2 billion since inception to support approximately 10,000 policies annually by 2025. Initially funded with $50 million for program development, it has grown to distribute $300 million in FY 2024 across 10,000 policies, insuring diversified farms like those growing specialty crops, organic produce, and livestock at farms nationwide.[1] Despite its impact, challenges like funding competition, complex eligibility, and low uptake persist (web ID: 5), but it remains a cornerstone of USDA’s risk management efforts for diversified farms.
Goals
- Stabilize farm income by protecting against revenue losses from natural disasters, market fluctuations, and other risks.
- Encourage agricultural diversification and sustainability through comprehensive insurance coverage.
- Support small, diversified, and organic farms, including those marketing locally or regionally, to ensure financial resilience.[2]
Organization
The WFRP is managed by USDA’s Risk Management Agency, overseen by Administrator Marcia Bunger since 2021, with regional offices and approved insurance providers implementing policies under federal oversight. It operates via annual appropriations, guided by the Agricultural Act of 2014, Agricultural Improvement Act of 2018, and subsequent funding acts like Public Law 117-328 (2022).[3]
Partners
- National Sustainable Agriculture Coalition
- National Farmers Union
- Organic Farming Research Foundation
- University of Minnesota Center for Farm Financial Management
History
Authorized by the Agricultural Act of 2014 (Public Law 113-79) and expanded by the Agricultural Improvement Act of 2018 (Public Law 115-334), and launched in 2015 with $50 million, the WFRP expanded with annual appropriations, reaching $300 million in FY 2024.[4] It grew from insuring 2,000 farms annually in 2016 to 10,000 by 2025, addressing farm risks with innovations like Micro Farm policies for small producers (web ID: 5). By 2025, it has insured over $2 billion in revenue, though GAO notes funding competition concerns (web ID: 5).
Funding
Initial funding of $50 million in 2015 (for program development) supported the program’s launch, with over $2 billion appropriated by 2025 via annual USDA budgets—e.g., $300 million in FY 2024.[5] Ongoing appropriations under the Agricultural Act of 2014 and Agricultural Improvement Act of 2018 sustain its operations, with no fixed end as it addresses ongoing farm risk needs, funded through premium subsidies and federal allocations.
Implementation
WFRP distributes insurance policies annually, requiring farmers to submit historical revenue data and risk assessments, tracked via RMA’s insurance delivery system.[6] It progresses through partnerships with approved insurance providers—e.g., 10,000 policies yearly—and program expansions, adapting to farm needs with no set end, though low uptake remains a challenge (web ID: 5).
Related
External links
- https://www.rma.usda.gov/en/Policy-and-Procedure/Insurance-Plans/Whole-Farm-Revenue-Protection
- https://sustainableagriculture.net
- wikipedia:Whole-Farm Revenue Protection
Social media
References
- ↑ "Whole-Farm Revenue Protection". U.S. Risk Management Agency. https://www.rma.usda.gov/en/Policy-and-Procedure/Insurance-Plans/Whole-Farm-Revenue-Protection.
- ↑ "Whole-Farm Revenue Protection Fact Sheet". U.S. Risk Management Agency. https://www.rma.usda.gov/en/Fact-Sheets/National-Fact-Sheets/Whole-Farm-Revenue-Protection.
- ↑ "USDA Leadership". U.S. Department of Agriculture. https://www.usda.gov/our-agency/about-usda/leadership.
- ↑ "Agricultural Act of 2014". U.S. Congress. https://www.congress.gov/bill/113th-congress/house-bill/2642.
- ↑ "Whole-Farm Revenue Protection". U.S. Risk Management Agency. https://www.rma.usda.gov/en/Policy-and-Procedure/Insurance-Plans/Whole-Farm-Revenue-Protection.
- ↑ "Agent Locator". U.S. Risk Management Agency. https://www.rma.usda.gov/en/Information-Tools/Agent-Locator.