The Virginia Department of Agriculture and Consumer Services reminds farmers that the open season for farm revenue insurance has begun. Adjusted Gross Revenue insurance is available for farmers in Eastern Virginia, and AGR-Lite is available statewide.
Adjusted Gross Revenue (AGR) insurance for farmers and ranchers is again being offered in Eastern Virginia counties for 2009 according to the Raleigh Regional Office of the USDA Risk Management Agency. The application deadline is February 2, 2009. Current AGR policyholders also have until February 2 to make any changes to existing contracts. AGR provides whole farm income protection under an umbrella-type policy that covers income from all crops and some livestock, provided the income from livestock and livestock products does not exceed 35 percent of total farm income. Unlike traditional crop insurance guarantees based on yields, AGR provides a guarantee against a significant decline in overall farm income from the average of the most recent five years (2003 - 2007). As a result of substantial premium subsidies provided by the USDA, AGR can be a very affordable way to guarantee an income flow from your farm operation.
In addition, a similar product called AGR-Lite which covers livestock and has a limitation of $1,000,000 in coverage, is available in all Virginia counties for 2009. The sales closing date for new AGR-Lite contracts is March 16. Farmers and ranchers are strongly urged to contact a local crop insurance agent, as soon as possible, for more information and premium quotes for both products. For a list of crop insurance agents, farmers and ranchers may contact their local USDA Farm Service Agency office or log on to the following Risk Management Agency web site: http://www3.rma.usda.gov/tools/agents/
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