Posted Sep. 24, 2020
The settlement period (claim window) for livestock price insurance opens during the final four weeks of each LPIP policy. You can determine if you are in a claim position by monitoring weekly settlement prices during this period. Each Monday, the settlement prices for the previous week are published online at lpip.ca.
If the settlement price is below the insured price of your policy, you are eligible to submit a claim for a portion or all of your insured weight during claim hours. If you do not to make a claim in the first three weeks of your claim window, the system will automatically settle your LPIP policy in the fourth and final week using that week's settlement prices.
Settlement prices reflect current Western Canadian prices and are derived from auction market data gathered from Saskatchewan, Manitoba and Alberta. As data is collected, it is sorted into two regions (Saskatchewan/Manitoba and Alberta), which correlate to the two premium tables representing index and coverage. Settlements are calculated weekly for cattle and monthly for the hogs.
There is no minimum requirement for insuring livestock under the LPIP program. Producers can insure as much or as little of their inventory as they wish. The program is flexible, allowing producers to manage price risk according to their own operational needs.
To register a LPIP claim or purchase a policy, contact your local SCIC office or call us toll-free at: 1-888-935-0000.