Livestock Risk Protection
What is LRP?
The Livestock Risk Protection Insurance Plan for Feeder or Fed Cattle is designed to insure against declining market prices. You may choose from a variety of coverage levels and insurance periods that match the time your Feeder Cattle or Fed Cattle would normally be marketed (ownership may be retained).
How Does it work?
You submit a one-time application for LRP-Feeder Cattle coverage. After the application is accepted, you can buy specific coverage endorsements throughout the year for up to 6,000 head of feeder cattle that are expected to weigh up to 900 pounds at the end of the insurance period. The annual limit for LRP-Feeder Cattle is 12,000 head per producer per year (July 1 to June 30). All insured calves and cattle must be located in a state approved for LRP-Feeder Cattle at the time you buy an insurance policy. For Fed cattle you may buy specific coverage endorsements for up to 6,000 head of heifers and steers and a total of 12,000 annually (weighing between 1,000 and 1,400 pounds) that will be marketed for slaughter near the end of the insurance period. The length of insurance coverage available for each specific coverage endorsement is 13, 17, 21, 26, 30, 34, 39, 43, 47, or 52 weeks. You may fill out an application at any time. You also may buy multiple, specific, coverage endorsements with one application. Insurance coverage starts the day you buy a specific coverage endorsement and RMA approves the purchase.
Premium is due at the end of the coverage period.
Farm Inc sends out daily offerings on the LRP program for the available endorsement lengths. These include Expected ending values, producer premium amounts,, premium per head, along with much more information for your specific operation. To sign up for these daily quotes please contact the office. you can ether request a general quote for your state or a specific quote that reflects your current operation.