Last week, the USDA announced changes to the Livestock Risk Protection insurance program for feeder cattle, fed cattle and swine starting this summer. The Risk Management Agency said changes include moving premium due dates to the end of the endorsement period and increasing premium subsidies to assist producers.
RMA Administrator Martin Barbre said the changes will “make these policies more usable and affordable for livestock producers.” Specifically, the changes allow premiums to be paid at the end of the endorsement period, putting it in line with other policies. USDA will increase the premium subsidy for coverage levels above 80%. Those with an 80% or higher coverage level will get a five-percentage point subsidy increase. Producers may buy the 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 end of the insurance period, if the actual ending value is below the coverage price, producers will be paid an indemnity for the difference.
If you have a story idea for the Washington Ag Network, call (509) 547-1618, or e-mail [email protected]