6-29 FB Cattle Insurance

 Livestock producers, you can cover your backsides. I’m David Sparks and I’ll be right back with an explanation. The Risk Management Agency’s (RMA) Spokane Regional Office would like to remind Pacific Northwest livestock producers that the Livestock Risk Protection (LRP) program is available in all counties in Idaho, Oregon and Washington. LRP insurance plans include Fed Cattle, Feeder Cattle, Lamb and Swine. LRP coverage protects the policyholder from downward price risk during the insurance period. It does not cover any other peril (e.g., mortality, condemnation, physical damage, disease, individual marketing decisions, local price deviations or any other cause of loss).

Here’s Jo Lynn Seuffer with RMA: “It’s really a good opportunity for the cow-calf producer that says I think I’m gonna’ market my calves at about 600 pounds come November. They can go to our web site and pick that price at the ame time they’re gonna’ market them. If the price is less than what was out there, they’ll get the difference.”

There are two steps to buy LRP coverage: 1) producers must submit an application. Once the application is approved, the livestock crop insurance provider will assign a policy number; and 2) the producer activates coverage at any time by applying for a Specific Coverage Endorsement (SCE). No insurance coverage is provided until the producer submits an SCE. Insurance will attach immediately when RMA confirms the SCE has been accepted.