The Effectiveness of Pasture, Rangeland, and Forage Insurance

This thesis research tests the historical usefulness and desirability of pasture, rangeland, and forage insurance for ranchers in Utah. PRF insurance is specifically for ranchers who own livestock and rely on their livestock to graze in the fields for food consumption. If there is inadequate precipitation, there will be less grass growth for livestock which causes ranchers to purchase hay, leading to higher feed costs. It is similar to other insurance policies requiring premium and indemnity payments. By analyzing the historical payments, a decisive conclusion can be made that PRF suits both ranchers and USDA policymakers. Other studies that discussed precipitation levels and monthly intervals were included as comparisons. This thesis study comprises 2018 to 2022 and how feed costs differ with and without a PRF coverage level. Based on the historical payments, it is evident that PRF aids ranchers in reducing the risk of purchasing more feed costs.