Applications are now being accepted for a new livestock price insurance product designed to help cattle and hog producers manage unexpected price declines.
The Western Livestock Price Insurance Program (WLPIP), announced by federal and Western provincial ministers on January 24, 2014, enables livestock producers to purchase price protection on cattle and hogs in the form of an insurance policy. This new insurance product offers protection against an unexpected drop in prices over a defined period of time, and is available to producers in British Columbia, Alberta, Saskatchewan and Manitoba.
Administration costs are covered by the federal and provincial governments through Growing Forward 2 while premiums are fully funded by producers.
Quick Facts
Western Cattle Price Insurance will help reduce producers’ exposure to price and basis risk. Producers have the option of insuring their calves, feeders, or fed cattle as well as selecting only basis protection for fed cattle.
Western Hog Price Insurance is designed to offer coverage based on current Western Canadian market conditions.
Alberta’s Agriculture Financial Services Corporation (AFSC) will be the central administrative body for the Program to maximize administrative efficiencies.
Producers can contact their provincial AgriInsurance agency for information on how to enroll.
Source: Agriculture and Agri-Food Canada