The USDA's Risk Management Agency is increasing premium subsidies and will make other improvements to the Livestock Risk Protection plan of insurance for swine, feeder cattle and fed cattle starting with the 2021 crop year. The increased premium subsidy is retroactive to the beginning of the 2021 crop year and is based on the coverage selected by the livestock producer. RMA will implement the other improvements later this year.
"We encourage livestock producers to contact their insurance agent to take advantage of these improvements," says RMA Administrator Martin Barbre. "These changes will not only make LRP more affordable for producers, but also will provide them with better coverage."
Other improvements to be implemented include:
- Increasing livestock head limits for feeder and fed cattle to 6,000 head per endorsement/12,000 head annually, and swine to 40,0000 head per endorsement/150,000 head annually.
- Modifying the requirement to own insured livestock until the last 60 days of the endorsement.
- Increasing the endorsement lengths for swine up to 52 weeks.
- Creating new feeder cattle and swine types to allow for unborn livestock to be insured.
RMA is authorizing additional flexibilities due to coronavirus while continuing to support producers, working through Approved Insurance Providers to deliver services, including processing policies, claims and agreements. RMA staff are working with AIPs and other customers by phone, mail and electronically to continue supporting crop insurance coverage for producers. Farmers with crop insurance questions or needs should continue to contact their insurance agents about conducting business remotely (by telephone or email).
Crop insurance is sold and delivered solely through private insurance agents. A list of insurance agents is available online using the RMA Agent Locator.