Per Product Management Bulletin PM-22-029, the following revisions to the LRP plan of insurance are applicable for the 2023 and succeeding crop years:
- Increased head limits:
- 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
- Allow an insured to have an LRP and Livestock Gross Margin (LGM) policy; however, an insured may not insure the same class of livestock with the same end month or have the same insured livestock insured under multiple policies.
- Modify the premium offset language to allow an insured the choice to receive indemnities without a reduction to offset premium on any endorsements that have not ended.
- Clarify head limits are tracked by substantial beneficial interest (SBI).
- Extend the termination date from June 30 to August 31.
- Require proof of ownership before indemnity is issued.
- Clarify that livestock must be marketable by the end of the Supplemental Coverage Endorsement (SCE).
- Require insurance companies to pay indemnities within 30 days. Previously, insurance companies had 60 days to pay indemnities following the receipt of the claim form.
- Allow unborn swine coverage for operations with multiply entity structures.
- Modify the endorsement length for swine to a minimum of 30 weeks for unborn swine and a maximum of 30 weeks for all other swine.
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