Livestock Risk Protection Program Available in the Pacific Northwest

 

SPOKANE, WASHINGTON, June 27, 2011 -- The Risk Management Agency’s (RMA) Spokane Regional Office would like to remind Pacific Northwest livestock producers that the Livestock Risk Protection (LRP) program is available in all counties in Idaho, Oregon and Washington. LRP insurance plans include Fed Cattle, Feeder Cattle, Lamb and Swine.

 

LRP coverage protects the policyholder from downward price risk during the insurance period. It does not cover any other peril (e.g., mortality, condemnation, physical damage, disease, individual marketing decisions, local price deviations or any other cause of loss).

 

There are two steps to buy LRP coverage: 1) producers must submit an application. Once the application is approved, the livestock crop insurance provider will assign a policy number; and 2) the producer activates coverage at any time by applying for a Specific Coverage Endorsement (SCE). No insurance coverage is provided until the producer submits an SCE. Insurance will attach immediately when RMA confirms the SCE has been accepted.

 

Premiums are due on the day an LRP insurance endorsement is purchased and includes a 13-percent subsidy on the premium from RMA. To determine a premium, an insured producer will select the appropriate insurance period covering the expected sell or slaughter date; choose a coverage price based on the chosen coverage period; provide the number of livestock expected to be ready for sale or slaughter at the end date and the target weight at time of slaughter; and the percentage share of ownership in livestock to be insured.

 

Sales for the 2012 crop year will begin July 1, 2011 and continue through June 30, 2012; or until the maximum underwriting capacity as established by the Federal Crop Insurance Corporation is reached. Cattle, swine and lamb producers are encouraged to contact a local livestock insurance agent to learn additional details. Federal crop insurance program policies are sold and delivered solely through private crop and livestock insurance companies. A list of livestock crop insurance agents is available at all USDA Service Centers throughout the U.S. or at the RMA Web site address: http://www3.rma.usda.gov/tools/agents  

 

#

 

USDA is an equal opportunity provider, employer and lender.  To file a complaint of discrimination, write:  USDA, Director, Office of Civil Rights, 1400 Independence Ave., SW., Washington, DC 20250-9410 or call (80) 795-3271 (voice) or (202) 720-6382 (TDD).