USDA’s Risk Management Agency (RMA) announced today
it was making $15 million additional money available for Livestock Gross Margin (LGM)-Dairy insurance in fiscal year 2011.
Last summer, RMA revised the LGM-Dairy program by moving the premium due date to the end of the coverage period rather than at the beginning. It also put in place graduated producer premium subsidies. Combined, these revisions sparked significant more interest in the program.
The Federal Crop Insurance Act makes $20 million total available for all eight of its livestock programs. But with revisions in the LGM-Dairy program, some $5.4 million has already been used for that program alone.
The RMA says adequate funds will be available for other seven livestock programs.