APAS (The Agricultural Producers Association of Saskatchewan) has been recommending the development of an insurance program for livestock producers and now the concept has become a reality.
The Saskatchewan Crop Insurance Corporation (SCIC) has announced it will be delivering the Western Livestock Price Insurance Program (WLPIP) for Saskatchewan producers.
Beginning this spring, WLPIP will be available to Saskatchewan producers through their local Crop Insurance office. Producers will be able to purchase price insurance options for their calves, fed cattle, feeder cattle and hogs.
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," details Agriculture Minister, Lyle Stewart. 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.
WLPIP is based on the existing Alberta livestock price insurance program. Saskatchewan producers will now be on a level playing field with producers in Alberta and western Canada with the introduction of this program.
"We're looking forward to seeing the program details so we can better assess its impact," says Norm Hall, APAS President. "This may be especially important with recent reductions in AgriStability and AgriInvest."
SCIC staff say they 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 also get more information by visiting their local Crop Insurance office or online at www.saskcropinsurance.com/wlpip.
