Posted May. 06, 2019
With the 2019 spring calving underway, there is continued uncertainty among Saskatchewan cattle producers due to the impacts of the extreme cold winter, high feed costs and potential of another dry growing season. The Saskatchewan Crop Insurance Corporation (SCIC) would like to remind producers they can reduce the risk of market uncertainty and protect the value of their cattle with The Western Livestock Price Insurance Program (WLPIP).
Producers who want to purchase calf price insurance for 2019 calves have until May 30, 2019, to purchase a policy. Producers can access coverage for spring born calves that are marketed in the fall. Last year, the calf insurance program sold the second largest amount of policies since inception with approximately 15 per cent of the eligible marketable calves insured.
Policies are available for purchase every Tuesday, Wednesday and Thursday, with coverage levels ranging from 95 to 75 per cent of the calculated forecast price. Additional convenience and flexibility is provided to WLPIP participants with Payment on Account. With this added payment option, producers have until the expiration of their policy to complete their premium payment. Interest is charged 15 days after the purchase on outstanding balances. Statements are generated monthly. Producers using the Payment on Account option can purchase a policy online, or new this year, over the phone with an SCIC representative. To avoid paying interest, producers can pay premium up front, online, by mail or in person.
Since the fall of 2018, hog producers have faced financial difficulties due to oversupply in the U.S. The Western Hog Price Insurance Program is also available to Saskatchewan producers. The Western Hog Price Insurance Program is designed to provide producers with protection against declining hog prices. Hog producers have the option to purchase an insurance policy based on a forecasted hog price. When the policy expires, the coverage purchased is compared to a settlement price. If the settlement price is below the insured price, producers are eligible to submit a claim.
The deadline to purchase calf price insurance is May 30, 2019. Feeder, Fed and Hog price insurance is available year-round to Saskatchewan Producers. For more information about WLPIP, please contact a local SCIC office, call 1-888-935-0000 or visit wlpip.ca.
For more information, contact:
Tessa Krofchek, Communications Consultant
Saskatchewan Crop Insurance Corporation
Saskatchewan Crop Insurance Corporation (SCIC) is a provincial Treasury Board Crown Corporation under the portfolio of the Minister of Agriculture. The Corporation provides local service to Saskatchewan producers and continues to focus on its progress to meet the changing needs of the province's farmers and ranchers. SCIC is responsible for administering a suite of business risk management programs: Crop Insurance AgriStability, Wildlife Damage Compensation Program and the Western Livestock Price Insurance Program. There are 21 SCIC Customer Service Offices throughout Saskatchewan. scic.ca