The Department of Agriculture has announced changes to the Livestock Risk Protection insurance program for feeder cattle, fed cattle and swine starting this summer.
USDA’s Risk Management Agency says changes include moving premium due dates to the end of the endorsement period and increasing premium subsidies to assist 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 percent. 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 percent 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.