(NAFB) — Certain industrial hemp growers will be able to obtain insurance coverage under the Whole-Farm Revenue Protection program for crop year 2020. The Department of Agriculture’s Risk Management Agency Tuesday announced coverage for hemp grown for fiber, flower or seeds. The coverage will be available to producers who are in areas covered by USDA-approved hemp plans or who are part of approved state or university research pilot programs.
RMA Administrator Martin Barbre says producers “are anxious for a way to protect their hemp crop,” adding that the policy will “provide a safety net for them.” Producers can obtain the coverage for hemp now if they are part of a Section 7606 state or university research pilot as authorized by the 2014 Farm Bill. Other producers cannot obtain coverage until a USDA-approved plan is in place. The program allows coverage of all revenue for commodities produced on a farm up to a total insured revenue of $8.5 million. It is popular for specialty crops, organic commodities and non-traditional crops.
Source: National Association of Farm Broadcasters