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LRP
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LRP RESOURCES: PREMIUM WORKSHEET FOR FED CATTLE |
AN INSURANCE PRODUCT DESIGNED TO PROTECT AGAINST A DECREASE IN PRICE. The program provides a Single-Peril price risk protection by paying livestock producers if a national cash price index falls below an insured coverage price level. The coverage price is selected by the producer. If the cash price index is below the coverage price at the end of the policy period, an indemnity equal to the difference is paid to the producer. Available for : CATTLE, LAMB, AND SWINE LRP - FED CATTLE Fed Cattle is designed to insure against declining market prices. Beef producers may select from a variety of coverage levels and insurance periods that correspond with the time their market-weight cattle would normally be sold. Up to 2,000 head of heifers and steers, weighing between 1,000 and 1,400 pounds, that will be marketed for slaughter may be purchased under one Specific Coverage Endorsement. The annual limit is 4,000 head per producer crop year. All insured cattle must be located in an approved state at the time of purchase. The length of insurance coverage available for each SCE is 13,17,21,26,30,34,39,43,47, or 52 weeks. LRP- Fed Cattle is now available to producers with fed cattle in 37 states. Beef producers may now select coverage prices ranging from 70 - 100% of the expected ending value. LRP - FEEDER CATTLE Feeder Cattle is designed to insure against declining market prices. Cattle producers may select from a variety of coverage levels and insurance periods to correspond with the time their feeder steers would normally be marketed. Up to 1,000 head of feeder cattle that are expected to weigh up to 900 pounds at the end of the insurance period. The annual limit is 2,000 head per producer per crop year. All insured calves and cattle must be located in a State approved for LRP - Feeder at the time of purchase. Coverage is available for calves, steers, and heifers, including predominantly Brahman and predominantly dairy cattle. Feeder cattle producers may choose from two weight ranges: under 600 pounds and 600 - 900 pounds. The length of insurance coverage available for each SCE is 13,17,21,26,30,34,39,43,47, or 52 weeks. LRP- Fed Cattle is now available to producers with fed cattle in 37 states. Cattle producers may now select coverage prices ranging from 70 - 100% of the expected ending value. Actual ending values are based on weighted average prices as reported in the Chicago Mercantile Exchange Feeder Cattle Index. LRP - LAMB Lamb is designed to insure against unexpected declines in market prices. Sheep producers may select from a variety of coverage levels and periods of insurance to correspond with general feeding, production, and marketing practices. LRP - Lamb may be purchased weekly throughout the year. Premium rates, coverage prices, and actual ending values are posted every Friday when available. The number of lambs insured at one time is limited to 7,000 head. The annual limit for LRP - Lamb is 28,000 head per producer per crop year. All insured lambs must be located in a approved State at the time of insurance purchase. The length of insurance available for each SCE (Specific Coverage Endorsement) is 13, 26, or 39 weeks. Sheep producers may select coverage prices ranging from 80 - 95% of the expected ending value. The actual ending values are based upon the weekly average prices for "Formula Live Lambs" as reported by USDA's Agricultural Marketing Service.
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