August 8, 2011
Due to greater than expected livestock program sales so far this fiscal year, the USDA Risk Management Agency (RMA) has limited funding remaining for the program.
According to the RMA, less than $1 million of funding remains available for livestock insurance sales for the rest of the 2011 fiscal year which ends on Sept. 30.
The Federal Crop Insurance Act authorizes expenditures for costs associated with all livestock pilot programs, to include applicable premium subsidy and administrative expenses, up to a combined total of $20 million per fiscal year.
Due to increased livestock sales, all but a small amount of the funding allocated has been exhausted.
RMA tracks total policy sales against available authorized funding using a real-time, Web-based program. While livestock sales occur throughout the year, insurance sales will cease when funding limits are reached.
In 2010, RMA insured a livestock value of $186 million. In 2011, the value of livestock insured rose to over $1 billion.
For further information about livestock policies or other crop insurance programs that may offer assistance, please contact your local insurance agent.
Additional questions may also be directed to one of the specialists at your RMA Regional Office. http://www.rma.usda.gov/aboutrma/fields/rsos.html. Frequently asked questions can be answered by going to: http://www.rma.usda.gov/help/faq/lgmcattle.html.
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