USDA Updates Livestock Insurance Options

 

By USDA Communications

via Hoosier Ag Today (IN) - May 4, 2022

 

The U.S. Department of Agriculture has updated three key crop insurance options for livestock producers: the Dairy Revenue Protection (DRP), Livestock Gross Margin (LGM), and Livestock Risk Protection (LRP).

 

USDA’s Risk Management Agency (RMA) revised the insurance options to reach more producers, offer greater flexibility for protecting their operations, and ultimately, better meet the needs of the country’s swine, dairy, and cattle producers. The updates were published last week for the 2023 crop year, which begins July 1, 2022...

 

... Livestock Gross Margin

 

Cattle, Dairy, and Swine coverage has been expanded, making it available in all counties in all 50 states.

 

Livestock Risk Protection

 

Insurance companies are now required to pay indemnities within 30 days, rather than the previous 60 days, following the receipt of the claim form.

 

Head limits have been increased:

 

    Fed Cattle: 12,000 head per endorsement and 25,000 head per crop year

    Feeder Cattle: 12,000 head per endorsement and 25,000 head per crop year

    Swine: 70,000 head per endorsement and 750,000 head per crop year

 

The termination date under LRP has been extended from June 30 to August 31

 

Location reporting requirements have been relaxed to list only state and county, instead of the precise legal location.

 

Learn more on RMA’s Livestock Insurance Plans webpage...

 

more, including links

https://hoosieragtoday.com/usda-updates-livestock-insurance-options/