Ranchers in the western United States now have access to a range of federally subsidized crop insurance products to facilitate their ability to manage hayland and grazingland production risks. Many of these insurance plans address multiple perils such as drought, hail, fire, and insect infestation.
In recent years, however, ranchers in western states have begun to use a single peril insurance product, the Pasture, Rangeland, Forage Rainfall Index (RI‐PRF) plan to provide protection against losses of hay and forage production caused by a single peril, inadequate precipitation.
The Pasture, Rangeland, Forage Rainfall Index (RI‐ PRF) plan is described, illustrated, and evaluated for its usefulness to ranchers in this policy paper.
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