June 29, 2012
The new crop year for the U.S. Department of Agriculture's Risk Management Agency (RMA) Livestock Risk Protection (LRP) insurance programs begins July 1. LRP-Lamb, just one of the insurance programs, is entering into its fifth year of sales.
The Federal Crop Insurance Corporation's board of directors approved revisions to LRP-Lamb on Nov. 17, 2011. The revisions were requested by Sheep Venture Company, the owner of the LRP-Lamb plan of insurance. The following revisions to LRP-Lamb were approved and will be effective beginning with the 2013 reinsurance year:
- Revised Subsidy Levels - The subsidy levels have been increased depending on the length of the endorsement.
- Tuesday Sales - A Special Provision Statement has been issued that will allow sales of LRP-Lamb on Tuesday when Monday is a federal holiday.
LRP-Lamb is designed to protect producers against unexpected declines in market prices of slaughter lambs during the insurance period.
The 2013 LRP-Lamb materials are available at www.rma.usda.gov/livestock