The U.S. Department of Agriculture has updated three key crop insurance options for livestock producers: the Dairy Revenue Protection (DRP), Livestock Gross Margin (LGM) and Livestock Risk Protection (LRP).
The updates take effect for the 2023 crop year, which begins July 1, 2022.
Producers will now have more flexibility for DRP, LGM and LRP when indemnities are used to pay premiums, which can help producers manage their operation’s cash flow. With these updates, producers can now have both LGM and LRP policies, although they cannot insure the same class of livestock for the same time period or have the same livestock insured under multiple policies.