Faso Highlights New Dairy Revenue Protection Insurance Plan
Washington D.C. – Congressman John Faso (R-Kinderhook) today highlighted the offering of a new dairy insurance plan that will help local dairy farmers during sudden declines in the sale of milk. The new plan will be known as Dairy Revenue Protection and will be open for sign-up on Tuesday, October 9, 2018. Coverage will begin during the first quarter of 2019.
“American Farm Bureau Federation’s new Dairy Revenue Protection Insurance is another important risk management tool to help dairy farms weather this depressed farm economy. The program will address overall revenue needs and help protect farmers from unexpected declines in milk prices. The program would have not been possible without the federal support from Congress and Rep. John Faso,” said David Fisher, New York Farm Bureau President.
“This is another useful tool in the toolbox for dairy farmers who have seen their livelihoods put at risk due to falling milk consumption, unfair trade practices, and alternative products that masquerade as “milk”,” said Faso. “I commend the Farm Bureau’s commitment to dairy farmers and look forward to continuing to work with them to better the economic climate for our local farmers.”
This insurance product will provide farmers with more options for their farm’s safety net. Producers who are interested in purchasing this product must go through a crop insurance agent. A list of these agents can be found at USDA Service Centers or online athttps://www.rma.usda.gov/tools/agent.html.
Additional Background as provided by the United States Department of Agriculture:
The new plan provides insurance for the difference between the revenue guarantee and actual milk revenue if prices fall. It also provides a greater choice of prices, from those that focus on cheese to fresh milk, protein or butterfat. Coverage levels are available from 70 to 95 percent of revenue. Dairy Revenue Protection is available in all counties in all 50 states.