Eastco Group

Introduction

Livestock insurance plays a crucial role in providing protection to ranchers and hay growers against various risks they face. In this blog post, we will explore three types of livestock insurance offered by Eastco Group: Annual Forage Insurance, Pasture, Rangeland, Forage (PRF) Insurance, and Livestock Gross Margin (LGM) Insurance. We will also touch upon Apiculture Pilot Insurance (API) for beekeepers. Let's delve into the details!

Annual Forage Insurance (AF)

AF provides highly customizable protection to livestock producers against below average rainfall on annually planted acres used as feed and fodder. The indemnity (payment) is based on the number of insured acres and is triggered when precipitation in a specific area falls below the historic average during a specific time period.

Pasture, Rangeland, Forage (PRF) Insurance

PRF Insurance offers ranchers and hay growers flexible protection against below average precipitation. The indemnity is determined based on the number and type (pasture or hay) of insured acres. Similar to AF Insurance, the indemnity is triggered when precipitation falls below the historic average for a specific area and time period.

Livestock Gross Margin (LGM) Insurance

LGM Insurance is a federal crop insurance product designed to protect cattle producers against a loss of gross margin while feeding cattle. The gross margin equation, also known as the "Cattle Crush," considers the cost of fed cattle and the cost of feeder cattle and corn. LGM simplifies margin protection by bundling these commodities into a single product that can be customized to fit individual marketing plans.

Apiculture Pilot Insurance (API)

API offers beekeepers customizable protection against below average precipitation. Indemnity payments are based on the number of insured colonies and are triggered when precipitation in a specific area falls below the historic average during a specific time period.

Why Consider Livestock Insurance?

All ranchers, hay growers, and beekeepers are susceptible to the impacts of lack of precipitation. Livestock insurance provides a smart and simple solution to mitigate such risks. The USDA subsidizes premium amounts, making it an affordable and beneficial tool for many producers. Additionally, the use of data, rather than an adjuster, determines indemnity amounts, ensuring a fair and transparent process.

The Expertise of EastCo Group

EastCo Group is a team of multigenerational cattle ranchers, analysts, and specialists who are dedicated to providing relevant data analysis and superior service to ranchers and hay growers. With their deep understanding of the industry and comprehensive knowledge of livestock insurance, EastCo Group offers customized policies tailored to individual risk tolerances and goals.