The Supplementary Insurance Coverage Option: A New Risk Management Tool for Wyoming Producers

Abstract

Through the provisions of the 2014 Agricultural Act that became law on February 17, 2014, Wyoming farmers have new farm income safety net-related policy tools that can be used to improve the financial performance of their operations. These tools are intended to enable farmers to increase the average incomes they obtain from their operations and, at the same time, moderate the financial risks they face in managing their enterprises. However, the new set of policy tools requires farmers to make choices among the competing alternatives now available to them about which crop specific programs they should use.