Crop Insurance and Hemp: The Whole-Farm Approach
Hemp can now be sold legally across the country. For the 2020 crop year, the only way to insure hemp is through a unique federally-subsidized Whole-Farm Revenue Protection (WFRP) policy. This policy protects the value of the whole farm’s revenue rather than any specific product a farmer grows. For 2020, industrial hemp in seed, flower, or fiber form can be one of the products insured by a WFRP policy. Jeff Schahczenski, Agricultural and Natural Resource Economist, with NCAT gives an introduction on this whole-farm approach to insuring hemp in 2020.