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FAQs

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Livestock Price Insurance

  • Glad you asked...

    Producers who purchased a Livestock Price Insurance policy enter their claim window in the final four weeks of the policy. Settlement values reflect weekly market conditions and are determined using data collected from various auction markets across western Canada. 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 holder 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 any remaining insured weight on the policy. Settlement indices are published on Mondays. Click here to receive Livestock Price Insurance premium and settlement indices by email.

  • Glad you asked...

    Livestock Price Insurance (LPI) can help you protect your operation against unexpected price declines. In 2020, the Feeder and Fed Programs supported producers by paying over $6 M in indemnities. You can choose coverage to best suit your operation’s needs every Tuesday, Wednesday and Thursday. To learn more about Livestock Price Insurance, its purpose and how it works, click here.

  • Glad you asked...

    Livestock Price Insurance can help protect your operation against market volatility and unexpected price declines. Many factors impact price fluctuations. Currently, there are few risk management programs available to Canadian livestock producers. The Livestock Price Insurance program is flexible and market driven, taking into account three areas of risk specific to Canadian cattle producers: price, currency and basis.

  • Glad you asked...

    The Livestock Price Insurance Premium Table provides a snapshot into the future. Becoming familiar with the premium tables and how they fluctuate day-to-day will assist when making purchasing decisions. When you purchase coverage to establish a floor price, you can maximize market potential. In the final four weeks of the policy, if the market falls below the coverage you purchased, Livestock Price Insurance will pay the difference. If the market is above the coverage purchased, you can benefit by selling livestock into the higher market.

  • Glad you asked...

    SCIC administers Livestock Price Insurance(LPI) to protect against market volatility. This program gives livestock producers protection against unexpected price drops on cattle and hogs over a defined period of time. You can select from a variety of price insurance coverage options every Tuesday, Wednesday and Thursday to find the best fit for your livestock operation.

  • Glad you asked...

    When you purchase livestock price insurance, your settle period (claim window) opens during the last four weeks of your policy. You can determine if you're in a claim position by monitoring weekly settlement prices during this period.

    Each Monday, the settlement prices for the previous week are published online. If the settlement price is below the insured price of your policy, you're eligible to submit a claim for a portion or all of your insured weight during claim hours.

    If you decide not to make a claim in the first three weeks of your claim window, the system will automatically settle your policy in the fourth and final week using that week's settlement prices. We encourage producers to check their policy and settlement prices before the expiration date.

  • Glad you asked...

    Please visit any SCIC office or call 1-888-935-0000 to purchase LPI policies and make claims.

    You will have the option to pay your policies upfront or on account. If choosing to pay on account, you have until the expiry date of your policy to pay premiums, subject to interest charges at a rate of CIBC prime + 2 per cent. The policy will be due at the expiration date of the policy and must be paid in full.

  • Glad you asked...

    SCIC is pleased to offer a wide variety of insurance options for livestock producers – including Crop Insurance (forage coverage and weather-based forage programs), AgriStability, and the Livestock Price Insurance Program. Plus, the Wildlife Damage Program is also available to all Saskatchewan producers to provide compensation for wildlife damage to your crop in the field, stacked hay or greenfeed in the yard, or predator attacks on your livestock.