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Policy & Procedure

Product Management Bulletin-PM-15-020 Resumption of Sales for Livestock Risk Protection Lamb

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Date
To
All Approved Insurance Providers
All Risk Management Agency Field Offices
All Other Interested Parties
From
Tim B. Witt, Deputy Administrator /s/ Tim B. Witt
Subject
Resumption of Sales for Livestock Risk Protection Lamb (LRP-Lamb)

Background

The Federal Crop Insurance Corporation Board of Directors approved a number of program changes to the LRP-Lamb plan of insurance including:

  1. A revised price prediction model;
  2. 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.

Action

LRP-Lamb sales will resume on May 4, 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). A list of crop insurance agents authorized by AIPs to write livestock insurance is on the Risk Management Agency (RMA) website at: www.rma.usda.gov/tools-reports/agent-locator.

The LRP-Lamb program materials can be found on the RMA website Livestock page at: www.rma.usda.gov/policy-procedure/general-policies/livestock-insurance-plans.

DISPOSAL DATE:
December 31, 2015.