Last week, Tidbits contained a story on changes effective July 1 to the Livestock Risk Protection (LRP) program. An astute reader (who also happens to work with LRP daily) pointed out additional changes were made to the program by the Federal Crop Insurance Corporation Board in August, effective for 2021. These changes were not included in last week’s story.
The most notable changes concern subsidy rates and limits on the number of head which can be covered. Figure 3 presents the updated information. More information can be found at: https://www.rma.usda.gov/en/Policy-and-Procedure/Bulletins-and-Memos/2020/PM-20-064. Thanks to the reader for sharing the updated information!
Figure 3. LRP Subsidy Rates & Coverage Levels
Source: USDA Risk Management Agency, Product Management Bulletin: PM-20-064, Sept. 16, 2020
Figure 4. LRP Head Limits