USDA Approves 30-Day Voluntary Waiver on LRP

The U.S. Department of Agriculture's (USDA) Risk Management Agency (RMA) announced approval of the voluntary waiver of Livestock Risk Protection (LRP) Basic Provisions 30-day ownership requirement due to severe drought.

In keeping with USDA measures to assist producers in managing drought conditions, approved insurance providers (at their sole discretion) may waive the 30-day ownership requirement for LRP Specific Coverage Endorsement (SCE) policies. Possible eligibility for the waiver would apply to policies purchased Aug. 2, 2011, through Aug. 16, 2012, subject to verification of proof of ownership.

The waiver does not affect actuarial performance of the LRP policy and permits producers to market their livestock as necessary while the policy continues in force.

Producers are encouraged to visit their livestock insurance agent to learn details specific to their LRP policy.