The Federal Crop Insurance Corporation (FCIC) approved two significant changes to the Livestock Risk Protection-Lamb (LRP-Lamb) plan of insurance that were submitted by the Sheep Venture Company. The U.S. Department of Agriculture's Risk Management Agency (RMA) is in charge of implementing these changes.
The first change allows for sales to occur on a Tuesday when the preceding Monday is a federal holiday. The second change will raise the subsidy rates with the most significant changes occurring on the longer-term endorsements.
"Both of these changes are very positive as they should encourage producers to participate in the insurance program," said Margaret Soulen Hinson, president of the American Sheep Industry Association. "We hope that producers who own their lambs for 26 or 39 weeks will take a serious look at purchasing price insurance coverage using those endorsements."
Both of these changes are targeted to be implemented on July 1, the beginning of the next endorsement year.