Posted Apr. 10, 2014
April 10, 2014
Saskatchewan cattle and hog producers can purchase price insurance through the Western Livestock Price Insurance Program (WLPIP). The program is delivered by Saskatchewan Crop Insurance Corporation (SCIC).
WLPIP is a risk management tool that allows producers to purchase market price protection on cattle and hogs. The program insures producers against an unexpected drop in price over a defined period of time. Producers pay a premium to receive forward price coverage and if the market price falls below the coverage price, the producer will receive a payment. Producers can purchase price insurance options for their calves, fed cattle, feeder cattle and hogs.
To participate producers need to contact their local Crop Insurance office and complete an initial application. When the application is finalized and eligibility has been confirmed, the producer will receive an activation key to access an online system. Using the activation key the producer can go to www.wlpip.ca and create their online account where they will be able to purchase policies, monitor premiums and coverage levels, pay premiums and file claims.
WLPIP is available year round for feeder, fed and hog price insurance. The calf price insurance has a deadline to purchase of May 29, 2014.
SCIC staff are available to sit down one-on-one with producers to provide more information on how livestock price insurance works, how to sign up for the program and how to purchase insurance policies. 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