Risk Management Agency Announces New Dairy Revenue Protection
August 14, 2018
Farm Credit East applauds the Risk Management Agency’s (RMA) recent announcement of Dairy Revenue Protection (Dairy-RP) Plan of Insurance. This new risk management product is designed to insure against unexpected declines in the quarterly revenue from milk sales relative to a guaranteed coverage level.
“Crop Growers and Farm Credit East recognize the value of a sound dairy risk management plan that will protect against unexpected market declines. The newly released Dairy Revenue Protection gives producers another option to protect against price volatility,” said Jeremy Forrett, vice president of Crop Growers, LLP. “We look forward to working with dairy producers to help them understand and evaluate Dairy-RP for their business.”
Dairy-RP is designed to be an affordable market price safety net insurance product to fit every dairy operation. The first sales closing for this new program will be October 9, 2018, with the first available coverage starting the first quarter of 2019. The expected revenue is based on futures prices for milk and dairy commodities and the amount of covered milk production elected by the producer. Coverage insurance periods are based on three-month intervals.
Crop Growers, LLP, is an independent agency that sells and services crop insurance for 34 different crops through a nine state territory. Crop Growers is owned by Farm Credit East, in conjunction with other Northeast Farm Credit Associations. Producers do not need to be a Farm Credit customer to purchase crop insurance. Visit CropGrowers.com or contact the Crop Growers Customer Service Center at 1-800-234-7012 to learn more.
For more information
Contact: Kristie Matuszewski