Fairer Compensation for Farmers: Quarterly Updates to Livestock Indemnity Payments.
This law improves the Livestock Indemnity Program (LIP), which compensates producers for livestock losses due to adverse weather or wildlife attacks. It mandates that the market value used to calculate these payments must be updated quarterly. This ensures that compensation better reflects current market prices, helping farmers recover financial losses more accurately and quickly after a disaster.
Key points
Indemnity payments for lost livestock will now be based on market values updated every three months.
This change ensures that farmers receive compensation closer to the actual current market value of the animals at the time of loss.
Expired
Citizen Poll