New Insurance Option Targets Small Farms That Sell Locally
The Micro Farm policy will be available through the Whole Farm Revenue Protection (WFRP) product for operations earning allowable average revenue of $100,000 a year or less. (Carryover insureds may qualify at $125,000 or less.)
The Mirco Farm option will simplify the recordkeeping normally required under WFRP by eliminating the need for expense or individual commodity reporting.
Additionally, Micro Farm policyholders will be allowed to consider revenue from post-production costs, such as washing and packaging commodities and value-added products, as allowable revenue under WFRP.
The Micro Farm policy will be available beginning with the 2022 crop year.