RMA changes livestock insurance
The Agriculture Department’s Risk Management Agency on Tuesday announced that changes to its Livestock Risk Protection insurance plan will take effect on Jan. 20 for crop year 2021 and succeeding crop years.
“We are always looking for feedback from producers and other stakeholders,” said RMA Administrator Martin Barbre. “These changes are a direct reflection of that feedback and will improve LRP coverage for producers in 2021 and beyond.”
The changes include:
▪ Increasing livestock head limits for feeder and fed cattle to 6,000 head per endorsement/12,000 head annually and swine to 40,000 head per endorsement/150,000 head annually.
▪ Modifying the requirement to own insured livestock until the last 60 days of the endorsement.
▪ Increasing the endorsement lengths for swine up to 52 weeks.
▪ Creating new feeder cattle and swine types to allow for unborn livestock to be insured.
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I remember my dad saying, “Those who do not know history are doomed to repeat it.” But before we get to the history lesson, consider this: