Per Managers Bulletin: MGR – 22-004, due to the continuing severe drought conditions impacting many parts of the nation, producers are struggling to find adequate supplies of feed or forage, causing them to market their livestock sooner than anticipated.
The Livestock Risk Protection (LRP) Basic Provisions contain language that requires livestock to be owned by the producer within the last 60 days of the insurance period or the endorsement is terminated with premium owed, but no indemnity payable.
With the release of this bulletin, to assist producers in managing drought conditions, Approved Insurance Providers, at their sole discretion, may waive the 60-day ownership requirement for LRP Specific Coverage Endorsements (SCE) currently in effect as of May 19, 2022, subject to verification of proof of ownership. The waiver does not affect actuarial performance of the LRP policy and permits producers to market their livestock as necessary, while the policy continues in force.
To access the managers, please click on the following hyperlink: https://rma.usda.gov/en/Policy-and-Procedure/Bulletins-and-Memos/2022/MGR-22-004
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