The Saskatchewan Crop Insurance Corporation (SCIC) would like to remind producers Thurs., May 29, is the deadline for purchasing calf price insurance. This risk management option is part of the Western Livestock Price Insurance Program (WLPIP) which became available to all Western Canadian livestock producers in early April.
Calf price insurance has a deadline to purchase, as it is designed to protect against price declines on calves born in the spring and marketed in the fall. Calf price insurance will be available for purchase again next spring. Price insurance for feeder cattle, finished cattle and hogs is available year-round.
Price insurance is purchased through an online process; however, producers need to establish an online account to use the program. If a producer does not have an online account and is interested in purchasing calf price insurance before the May 29 deadline, they need to contact their local Crop Insurance office to start the application process. SCIC can also provide more information on how livestock price insurance works, the sign-up process and how to purchase policies.
WLPIP is a risk management tool that allows producers to purchase market price protection on cattle and hogs in the form of an insurance policy. 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 get more information by visiting their local Crop Insurance office or online at www.wlpip.ca.