Create a Whole Farm Revenue Protection Policy

All Reinsurance Years

Even though Whole Farm is added from within the Coverage Information section, it can only be added as a stand-alone policy and cannot be added to an existing policy nor have any other coverage on the policy.

NOTE: Agents will be locked out of making changes to the Whole Farm coverage page 15 days after the Sales Closing Date.

Locate and open the grower record you need to add a Whole Farm policy for.

In the grower record, select the Policies tab.

On the Policies tab, from the Add Policy dropdown, select "Add MPCI Policy". Then, click Go. The Add New MPCI Policy page opens.

Make Grower Details and MPCI Policy Details selections as necessary.

In the Coverage Information section, from the County Name dropdown, select the county for the coverage you are adding to the policy.

In the Crop Name dropdown, if available for the selected RY/State/County, Whole Farm Revenue Protection is displayed. Select “Whole Farm Revenue Protection”. The System updates the available fields to reflect only those applicable to Whole Farm.

In the Crop Plan field, select “WFRP (76)”.

If the Whole Farm coverage is related to an underlying policy, then mark the Related Coverage checkbox.

NOTE: Once saved, upon edit (on the Maintain Coverage page), a Select Related Coverage dropdown is available so the Whole Farm coverage and related companion policy can be linked together. This companion policy can be within the same AIP or held by an entirely different one; if with a different AIP, clicking Add in the Related Coverage(s) with Another AIP field will open a popup that allows you to select the AIP and enter policy information.

From the Coverage Level dropdown, select the percent of coverage the Insured desires on the policy.

NOTE: If the 80 or 85% Coverage Level was selected, at save of the policy, the System will warn you that those Coverage Levels require 3 qualifying commodities.

10.

In the Crop Options field, you can supply one or more of the history smoothing options—Revenue Substitution (RS), Revenue Exclusion (RX), and Revenue Cup (RC).

11.

If Revenue Cup is selected as a crop option, the Prior Year Tax ID Type and Prior Year Tax ID Number fields display so the System can determine the prior year approved revenue and calculate the revenue cup for the current year. Select type of tax ID number you are providing and then key the number.

12.

From the Accounting Method dropdown, select one of the following options:

Cash Accounting: Revenue is reported in the tax year it is received and expenses are deducted in the tax year they are paid, even if it is not the same year when they were incurred.

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Accrual Accounting: Revenue is reported in the tax year it is earned, whether it has been received yet or not, and expenses are deducted in the tax year incurred, regardless of whether the expenses are paid yet.

13.

From the Tax Year dropdown, select the annual accounting period for the farm operation defined by the period used for tax purposes. The option selected here will determine the years shown on the Income & Expenses tab. Your options are:

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Calendar Year: The Insured files taxes based on the calendar year of January 1 through December 31.

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Early Fiscal Year: The Insured files taxes with a fiscal year that begins prior to August 1 of the insurance year.

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Late Fiscal Year: The Insured files taxes with a fiscal year that begins August 1 or later in the insurance year.

14.

Then, if in the Tax Year field, either “Early Fiscal Year” or “Late Fiscal Year” is selected, then the Beginning Date and Ending Date fields display for indicating the Insured’s fiscal year begin and end dates. If an ending date is not selected, a date that is 1 day prior to the beginning date + 1 Year is automatically populated on save.

15.

For the remaining fields, make any selections that pertain to the policy and click Save & Exit. The policy is saved and opens on the Coverages tab of the WFRP policy.