The Federal Crop Insurance Corporation Board of Directors recently approved a number of program changes to the LRP-Lamb plan of insurance including:
1. A new price prediction model;
2. A revised definition of “Insured Lambs”;
3. Removal of the 20-week endorsement;
4. Added language to prevent assignment of indemnities to businesses buying, selling, marketing, or packing lambs;
5. Changes to the daily and annual sales limit; and
6. Modifications to how the actual ending values are calculated.
LRP-Lamb is targeted to have sales resume in May 2015. Producers interested in purchasing an LRP-Lamb Specific Coverage Endorsement must contact a crop insurance agent and complete an application that will be submitted through an Approved Insurance Provider (AIP).
To learn more about USDA Risk Management Agency (RMA) LRP-Lamb, see: http://www.rma.usda.gov/livestock/, or contact a local crop insurance agent.
