Posted Oct. 04, 2021
During the first three weeks of the claim window, producers are in a claim position when the settlement index is lower than the insured coverage. The policy holders must manually manage their claim in those first three weeks. If the settlement index for the fourth and final week is lower than the producer’s insured coverage, a claim will automatically calculate using remaining insured weight on the policy. Settlement indices are published on Mondays. Producers can learn more about the settlement period by visiting our new LPI Settlement Resource Guide.
Producers are invited to learn more about their Livestock Price Insurance settlement period. Virtual information sessions are scheduled for October 13 or November 8, 2021 at 7:00 p.m. The one-hour sessions will be hosted by Jodie Griffin, Livestock Price Insurance Coordinator. At the virtual information session, producers can learn more about the value of Livestock Price Insurance, the process, settlement indexes, claim windows and how to settle a claim. To register for a session, click here.
To purchase a policy or register a claim, producers can contact their local SCIC 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 calves, feeder and fed 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.