WFRP Basics Continued
What information does a producer provide for WFRP?
You will need 5 years of Schedule F forms (exceptions for Beginning Farmers), or other tax forms plus supporting records to complete a Substitute Schedule F. Your farm plan for the year showing commodities you plan to produce and amounts, including historic information to help determine expected pricing, farm marketing records (see 2016 changes), coverage summary for individual crop insurance policies, your organic certificate and inventories of commodities (if necessary).
How are Schedule F tax forms used for WFRP?
Schedule F forms are your “revenue history” for the historic years on your farm. For WFRP, items that cannot be insured are removed and the totals left are used for reporting your “allowable revenue” and “allowable expenses” for the specific tax year.
What types of loss does WFRP protect?
WFRP protects approved revenue from loss due to unavoidable natural causes during the insurance period. The insured must provide notice of loss within 72 hours of initial discovery.
How are loss payments or indemnities paid?
Indemnity payment occurs when revenue during the insurance year is less than the insured revenue. Claims are settled after taxes are filed for the insurance year.
How do I purchase WFRP?
WFRP is written and managed by the USDA RMA, but it is purchased from private crop insurance agents. The enrollment deadline for 2019 WFRP is March 15, 2019.