Pasture, Rangeland and Forage Rainfall Index Insurance (PRF-RI) is an underutilized insurance product by livestock and forage producers in the Midwest (see farmdoc daily article from October 9, 2024). One aspect of PRF-RI that sets it apart from traditional crop insurance is that producers choose the months they want to insure against low rainfall. This allows for flexibility in insuring different types of forage production systems that may benefit from rainfall at different times during the year. Enrolling in different months throughout the year affects the total premium paid by the producer, the amount and frequency of indemnities collected, and ultimately how much forage production risk is managed through PRF-RI.
