Per a news release that was published May 4, 2022, the USDA is providing producers greater flexibility for Dairy Revenue Protection (DRP) and Livestock Risk Protection (LRP) when indemnities are used to pay premiums, which can help producers manage their operation’s cash flow.
For DRP, this will enable dairy producers to continue coverage even if they experience a disaster, such as a barn fire, at their operation.
For LRP, the updates include:
- A requirement for insurance companies to pay indemnities within 30 days, rather than the previous 60 days following the receipt of a claim form
- An extension of the termination date from June 30 to August 31
- Location reporting requirements being relaxed to list only state and county versus the precise legal location.
- Head limits have been increased to include the following:
- 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
Please click on the following hyperlink to access additional information: https://rma.usda.gov/en/News-Room/Press/Press-Releases/2022-News/USDA-Updates-Livestock-Insurance-Options-to-Offer-Better-Protection-Flexibility
Are you reading the Underwriting: Strength in the Field newsletter? Click here for the next article.
Release: USDA Expands Revenue Protection to Oat and Rye ProducersDecember 1, 2022
Congress Moves to Stop Rail StrikeDecember 1, 2022
Mexico Meets with U.S. to Discuss GMO Corn BanDecember 1, 2022
EPA Announces Generous Proposals for Biofuel MandatesDecember 2, 2022
Cattle Market Supplies Improve over ThanksgivingDecember 2, 2022