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Crop insurance update- New whole-farm insurance program now avaAgricultural producers throughout the Midwest are being offered a flexible new risk management tool that insures against farm revenue fluctuations. A federally subsidized insurance plan called Adjusted Gross Revenue-Lite is now available throughout Kansas and most of Colorado, covering almost all farm-raised crops, animals, and animal products. Rebecca Davis, Director of U.S. Department of Agriculture's Risk Management Agency Topeka Regional Office, recently stated, "AGR-Lite insures your whole-farm revenue against low returns due to unavoidable natural disasters and market fluctuations that affect income from commodities produced during the insurance year." According to Davis, "Our goal is to provide regional producers with the best possible risk management choices. With AGR-Lite, producers now have the opportunity to purchase insurance covering all their farm production--even crops for which a federal crop insurance policy was not previously available." AGR-Lite (available in the majority of counties in Colorado and all counties in Kansas) is based on a producer's five-year historical 1040 Schedule-F information and an annual farm report to provide a level of guaranteed revenue for the insurance period. USDA will pay a portion (subsidy) of the premium for the AGR-Lite policy that equals 48 percent, 55 percent, and 59 percent of the total premiums for the coverage levels of 80 percent, 75 percent, and 65 percent respectively. Producers throughout Kansas and Colorado have until March 15, to obtain AGR-Lite insurance for new application/enrollment policies. AGR-Lite provides producers with the option of using multiple forms of risk management strategies, as the AGR-Lite policy can be used alone or as an umbrella policy with current Multi-Peril Crop Insurance programs. The Federal Crop Insurance Corporation Board of Directors has approved program changes for AGR-Lite for 2007. Producers are encouraged to contact a local multi-peril crop insurance agent to learn additional details. Crop insurance is sold and delivered solely through private crop insurance companies. A list of crop insurance agents is available at all USDA Service Centers throughout the United States or on the RMA website at www3.rma.usda.gov/tools/agents/. 1 Star WK 2/26/07 9 B Date: 2/22/07
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