USDA Announces Hemp Crop Insurance Coverage Available for 2020
From US Department of Agriculture (USDA) Announcement:
Certain hemp growers will be able to obtain insurance coverage under the Whole-Farm Revenue Protection (WFRP) program for crop year 2020. USDA’s Risk Management Agency (RMA) announced coverage for hemp grown for fiber, flower, or seeds, which 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 has started addressing the changes by offering hemp coverage under WFRP for the 2020 crop year. To be eligible, among other requirements, a hemp producer must comply with applicable state, tribal or federal regulations for hemp production and have a contract for the purchase of the insured industrial hemp. WFRP provisions state that hemp having THC above the compliance level will not constitute an insurable cause of loss. Additionally, hemp will not qualify for replant payments under WFRP.
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