USDA Offers Crop Insurance for Hemp
The United States Department of Agriculture Risk Management Agency (USDA RMA) has announced that Whole-Farm Revenue Protection (WFRP) coverage is available for hemp. WFRP is typically used for specialty and organic crops. This is the first time crop insurance has been available for hemp growers. The goal is for the program to be available for the 2020 crop year.
In order to qualify, the hemp must be grown for fiber, flower or seed. It is available for farmers who participate in a valid pilot program (like we have in NC). In order to be eligible, farmers must be in compliance with the rules of the pilot program. For example, in NC, that means that farmers must be licensed and in compliance with all state hemp laws. In addition, growers must have a contract to sell their hemp in order to qualify.
USDA RMA also said that in the future there may be additional coverage options available for hemp, such as the Noninsured Crop Disaster Assistance Program and RMA-administered crop insurance.
Read USDA’s Announcement.