The USDA Risk Management Agency offers two popular federally subsidized livestock insurance programs: Livestock Risk Protection (LRP) and Dairy Revenue Protection (DRP).
The deadline for transferring these programs is June 30. If you are unsatisfied with your current coverage or risk management advice related to DRP or LRP, now is the time to make adjustments for the year.
4 Key Points to Keep in Mind
1. Transfer deadline.
If you want to change your agent and transfer your livestock policy to a different insurance company for the year ahead, you will need to complete the transfer application by the June 30 deadline.
2. Enrollment deadline.
If you are new to LRP or DRP and wish to enroll, you can complete the application anytime during the year. The June 30 deadline does not apply to new enrollment.
3. Consider the opportunity and risk.
Given the present market volatility, marked by significant price swings in dairy and near-record highs in cattle prices, it’s crucial to consider the opportunities in the market and the risks of not being covered. Livestock insurance is a vital risk management strategy to safeguard against uncertainties and seize market advantages. If you’re not already insured, it’s worth evaluating the benefits of obtaining coverage.
4. Review your coverage.
Are you satisfied with your coverage? Take time to review your current plan to ensure it adequately protects your livestock or dairy operation, captures market opportunities and meets your operational needs.
Learn More
If you haven’t utilized DRP or LRP in the past, now is a great time to get up to speed. Pinion Risk Management has its expertise in dairy and livestock markets and has the experience and tools to get you on the right foot in DRP and LRP.
To talk through your insurance options before the June 30 deadline, to get set up with Pinion’s free DRP and LRP quote tool, or to schedule a free consultation, please reach out to a Pinion Risk Management advisor.
