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Crop and livestock insurance reviewed at February programs
January 22, 2008
A Montana State University Extension economist will offer three programs in February on insurance that protects crop and livestock producers' incomes.
The workshops will review several insurance products that can be used independently to protect prices, yields and revenue for livestock, forage and crop commodities, said Duane Griffith, MSU Extension economist and farm management specialist. The workshops will run from 1-4 p.m. In Lewistown, the program will be Feb. 6 at the Eagles Club. In Billings it will be Feb. 7 at the Yellowstone Room of Metra Park. In Miles City, the program will be Feb. 8 at the Fish and Game Building.
The insurance products covered will include a relatively new insurance product called Adjusted Gross Revenue Lite (AGR-Lite) as well as Livestock Risk Protection (LRP) insurance for cattle, sheep and forage. The emphasis in the programs will be on livestock and AGR-Lite, Griffith said. AGR-Lite insurance is intended to protect whole farm revenue across multiple commodities, including those that have no other insurance product available.
"Most commodities in Montana can be protected using AGR-Lite," Griffith said. "Since AGR-Lite targets whole farm revenue rather than individual commodity price or yield, producers can use it to protect revenue on commodities that demand a premium in local or regional markets that cannot otherwise be protected by insurance." He added that AGR-Lite also can be used as an umbrella policy in conjunction with single commodity insurance products, which lowers the cost of the AGR Lite whole farm revenue insurance.
Contact: Duane Griffith (406) 994-2580 or griffith@montana.edu
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