Livestock insurance continues to increase in popularity among Missouri producers. Livestock Risk Protection (LRP) has been the most prevalent among the suite of products available. On April 29, 2024, RMA published a Product Management Bulletin (PM-24-028) that highlighted some changes that will take effect 07/01/2024 for LRP, Livestock Gross Margin (LGM), and Dairy Revenue Protection (DRP). While some of the details have yet to be clarified, the following details are known:
- Provisions for both LRP and LGM have changed to allow producers to sign an application for coverage ahead of the sales period.
- For insureds to receive an indemnity on LRP Fed Cattle and Swine, documents verifying the sale of covered livestock must be submitted during the claim period.
- On dates when USDA releases the Cattle on Feed report, sales for LRP coverage on feeder cattle and fed cattle will be suspended.
- On dates when USDA releases the Hogs and Pigs report, sales for LRP coverage on swine will be suspended.
- Producers will select a coverage level instead of a coverage price when locking in an endorsement on LRP.
All livestock policies are continuous. If you have completed an application previously, it is likely that you still have an active policy even if you have not written an endorsement in the most recent year(s). Active policyholders will need to obtain coverage through their current provider, but customers without an active policy may sign up for coverage anytime by contacting your local FCS Financial agent.
Each of these livestock insurance products have come to the market through a private developer and help showcase RMA’s efforts to increase insurance access for underserved producers. Providing this coverage to Missouri farmers is important to us and we encourage you to contact your local FCS Financial agent to put our experience to work for you.
