Pasture, Rangeland and Forage
Offset increased costs of feed and other actions caused by forage loss due to lack of precipitation.
Pasture, Rangeland and Forage (PRF) is a single peril policy that helps manage risk associated with lack of precipitation. PRF insurance allows you to select from a variety of coverage levels and insurance periods to customize a plan that fits your operation.
PRF sales close 12/01.
Key Features of PRF Insurance Include:
- Flexible coverage options
- Insures grazing and haying ground
- Available in 48 states
- No upfront premiums
- Offsets out of pocket costs caused by forage loss
Introduction to PRF Insurance:
What is PRF Insurance?
PRF insurance is a precipitation-based policy that covers pasture, rangeland, or forage ground for perennial haying and grazing purposes. This product was designed to protect a producer’s operation from the risks of forage loss caused by a lack of precipitation. PRF is an area-based policy that uses the USDA grid system. Each grid is approximately 12 miles by 17 miles and uses weather data from NOAA’s Climate Prediction Center to determine rainfall indexes for coverage.
Eligibility and Coverage Options
PRF insurance is available to all producers with an insurable interest. Producers are not required to insure all their acres, instead they can choose the acres most important to their operation. To qualify, you must select at least two 2-month intervals per year that do not overlap. Once the intervals are determined, a coverage level is then selected in 5% increments between 70-90%. Plans are further customized by choosing productivity factors ranging from 60-150%.
Software Support
There are several choices that need to be made when insuring haying and grazing ground, including coverage level, index intervals, irrigation practice, productivity factors, and the number of acres to insure. WSR’s exclusive software helps take the guesswork out of your decision by allowing you to review Grid ID locations, historical indices for your area and assign your desired acreage to one or more grids based on the location and use of the land to be insured.
Receiving Your Claim
Payments are determined by using NOAA data for the grid(s) and index intervals chosen to insure. At the end of the insurance period, the FCIC will issue a final grid index for each insured grid. A trigger index is reached when the final grid index is less than the result of multiplying the expected grid index by your selected coverage level. You will receive an indemnity payment only when the final grid index is less than the trigger grid index.
Indemnity payments are not based off product losses, individual experiences, or a single weather station.
The WSR Difference
WSR has been in business for over 100 years and from the beginning we have been committed to providing world class service. Our agents come from agricultural backgrounds and truly understand the unexpected risks that come with farming and ranching. We believe in building relationships and networking with our customers to help determine if we can provide risk management products that are beneficial to their operation. With over 10 years of experience handling PRF indemnities, audits, and disputes, our agents and staff have the little stuff covered so that you can focus what matters most.
Our PRF policy through WSR has been a great addition to our risk management mix. The folks at WSR are easy to work with and always answer my questions fully.
We are happy with the results of the PRF program over the past many years. It has become a part of our management strategy here on the ranch. Give WSR a call today.
WSR’s knowledge and service is exceptional. These have been very valuable tools for our operation in these new times, to help mitigate risk. Highly recommend to anyone.
