Posted Nov. 25, 2014
November 25, 2014
This fall, Saskatchewan livestock producers are encouraged to consider the Western Livestock Price Insurance Program (WLPIP) as part of their business risk management options. Delivered by the Saskatchewan Crop Insurance Corporation (SCIC), WLPIP is a risk management tool available for producers to purchase market price protection, over a defined period of time, in the form of an insurance policy. This is an opportunity to protect against market volatility and price variability while still leaving the potential to benefit should market prices improve.
Price Insurance Steps:
- The producer purchases insurance based on the expected sale weight of the livestock.
- The producer will match the policy length to the time they expect to sell.
- The producer will choose their coverage and pay the premium.
- The producer now has a protected floor price.
- If the cash market is below the selected coverage during the last four weeks of the policy (cattle), or at the expiration of the policy (hogs), the producer can make a claim.
- There is no obligation to sell the livestock at the time of the policies expiration.
Price insurance is purchased through an online process. Producers who have not established their online account should contact their local Crop Insurance office to get started. SCIC can also provide more information on how livestock price insurance works, the sign-up process and how to purchase policies.
Producers interested in price protection for their spring calves will be able to purchase calf price insurance in the new year, between February and the end of May 2015.
Producers can get more information by visiting their local Crop Insurance office or online at www.wlpip.ca.
For more information, contact:
Saskatchewan Crop Insurance Corporation