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Livestock Risk Protection

Livestock Risk Protection (LRP) can help protect your livestock operation against declining cattle, swine and lamb market prices. It offers a variety of coverage levels and periods of insurance to correspond with general feeding, production and marketing practices.

Features of Livestock Risk Protection include:

  • Livestock Protection – You can choose to insure your livestock:
    • Fed Cattle – Up to 2,000 head per Specific Coverage Endorsement (SCE) and 4,000 head per year.
    • Feeder Cattle – Up to 1,000 head per SCE and 2,000 head per year.
    • Lamb/Sheep – Up to 2,000 head per SCE and 28,000 head per year.
    • Swine – Up to 10,000 head per SCE and 32,000 head per year.

  • Insurance Coverage – Key advantages are:
    • Quantity – There is no minimum limit to the number of livestock per endorsement, so LRP coverage is good for smaller herds lacking quantities to effectively use futures and option contracts to hedge price risk.
    • Service – You don’t need to closely monitor markets through the course of a day.
    • Subsidy – Depending on what the market is doing, LRP can be less expensive at certain times in the market than the Chicago Mercantile Exchange futures or options because it’s subsidized 13%.

  • Livestock Crop Year – A livestock crop year is July 1 through June 30.
    • The crop year is used only for tracking maximum head per year.
    • If the LRP policy is not cancelled in writing by June 30, the policy (but not any Specific Coverage Endorsements) will automatically renew.
    • No other FCIC-reinsured livestock price policy can be in place at the same time as LRP to cover the same class of livestock.

  • Endorsement/Insurance Period – You can purchase LRP at any time after the Risk Management Agency (RMA) posts prices after close of the Chicago Mercantile Exchange until 9:00 a.m. (CST) the next day. You can select coverage in the following increments:
    • Fed/Feeder Cattle – 13, 17, 21, 26, 30, 34 39, 43, 47 or 52 weeks.
    • Lamb/Sheep – 13, 20, 26 or 39 weeks.
    • Swine – 13, 17, 21 or 26 weeks.

  • Loss Payment – You receive a loss payment if the actual ending value is less than the coverage price, and you submit the claim form within 60 days following the end date. The loss payment will be made within 60 days following the company’s receipt of the completed claim form.

  • Coverage Level – You can select:
    • Fed/Feeder Cattle – 70% - 100%
    • Lamb/Sheep – 80% - 95% (in 5% increments)
    • Swine –70% - 100%

To learn more about the affordable crop insurance programs available through AgMax or to find a crop insurance agent in your area, contact us at 1-800-370-3357 or via e-mail at cropinsurance@agmaxinsurance.com.

Crop, crop hail and livestock insurance coverage is underwritten by Western Agricultural Insurance Company (WAIC), West Des Moines, IA. WAIC is not licensed in all states and not all products are available in all states. WAIC is an equal opportunity provider. These policies are available to all producers regardless of race, color, national origin, gender, religion, age, disability, political beliefs, sexual orientation and marital family status.

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