USDA’s Risk Management Agency (RMA) last week announced changes to the Livestock Risk Protection (LRP) insurance program for feeder cattle, fed cattle and swine starting this summer with the 2021 crop year. Changes include moving premium due dates to the end of the endorsement period, thereby putting it in line with other policies, and increasing premium subsidies to assist producers. Those with an 80% or higher coverage level will get a five percentage point subsidy increase. These improvements are expected to be implemented by July 1.
Producers may buy LRP insurance throughout the year from approved insurance providers, with coverage prices ranging from 70% to 100% of the expected ending value of their animals. At the close of the insurance period, if the actual ending value is below the coverage price, producers will be paid an indemnity for the difference. Premium rates, coverage prices and actual ending values are posted daily here.