Livestock Price Insurance Policy and Settlement Changes

Producers will now have additional time to conduct their Livestock Price Insurance (LPI) business.

Posted Feb. 16, 2021

As a result of industry feedback, producers will now have additional time to make policy purchases and claim settlements on all Livestock Price Insurance cattle programs. Effective immediately, purchasing hours on Tuesday, Wednesday and Thursdays are available from 2:00 p.m. to 11:00 p.m. MT. Settlement hours on Mondays are now offered from 2:00 p.m. to 11:00 p.m. MT. 

LPI also recognizes that some producers have changed their calving practices since the calf price insurance program was first introduced. As a result, the deadline to purchase calf coverage will be permanently extended by two weeks. This year’s deadline will be June 10, 2021. Settlements will also be extended from December to the end of February. Depending on when policies were purchased, producers have until February 21, 2022, to make a claim.

To register a claim or purchase a policy, producers can contact their local Saskatchewan Crop Insurance Corporation office or call toll-free 1-888-935-0000. To access more information, visit scic.ca.

 

About Livestock Price Insurance

Livestock Price Insurance (LPI) is a risk management program available in British Columbia, Alberta, Saskatchewan and Manitoba. The Program provides producers with coverage against market volatility, including an unexpected drop in prices over a defined period of time. Producers can purchase price protection on cattle and hogs, in the form of an insurance policy. Policies are based on a forward market price. If, at the end of the policy the insured price is higher than the market price, the producer will receive a payment for the difference. The program is continuing under the federal-provincial policy framework agreement: the Canadian Agricultural Partnership. This program is available for calves, feeder cattle, fed cattle and hogs.