Payment on Account Now Available for Saskatchewan Producers through the Western Livestock Price Insurance Program
November 7, 2018 – Melville, Saskatchewan – Agriculture and Agri-Food Canada
Today, federal Agriculture and Agri-Food Minister Lawrence MacAulay and Saskatchewan Agriculture Minister David Marit announced Payment on Account will now be available to livestock producers in Saskatchewan purchasing a policy through the Western Livestock Price Insurance Program (WLPIP).
The Saskatchewan Crop Insurance Corporation (SCIC) introduced the Western Livestock Price Insurance Program (WLPIP) to Saskatchewan producers in April 2014. WLPIP gives producers the opportunity to purchase price protection on cattle and hogs, in the form of an insurance policy. When purchasing a policy through WLPIP, Saskatchewan livestock producers can pay their premium up-front, online or in person by cheque at their local SCIC office. With Payment on Account, producers now have until the expiration of their policy to complete their premium payment, subject to interest terms of the purchase.
“WLPIP is a good example of governments and industry working together to offer an innovative risk management tool that responds to the unique needs of the livestock sector, ensuring our hard-working farmers can continue to grow the economy and create good, middle class jobs. Livestock price insurance is a good complement to existing business risk management programs, offering additional protection against market volatility.”
– Lawrence MacAulay, Federal Minister of Agriculture and Agri-Food
“Saskatchewan livestock producers need the flexibility to make the best decisions for their cattle or hog operations. Saskatchewan producers can now take advantage of this needed option of deferring a payment while continuing to participate in the price insurance program. Producers should consider this valuable risk management tool for their operation.”
– Saskatchewan Agriculture Minister David Marit
“I am pleased to see the update to allow for payment on account for Western Livestock Price Insurance Program. This new flexibility keeps Saskatchewan cattle producers on an even footing with our neighbors to the west. What many producers may not know is the good working relationship the Saskatchewan Cattlemen’s Association has with Saskatchewan Crop Insurance who administer livestock price insurance. Pay on account is another check mark made on a long list of improvements that have come from SCA and Crop Insurance working together to keep improving programs.”
– Rick Toney, Chair of the Saskatchewan Cattlemen’s Association
“It bridges the gap between Saskatchewan and Alberta producers on payment options. It gives producers more payment options that fit the needs of their operations.”
– Saskatchewan Cattle Feeders Association
The Western Livestock Price Insurance Program provides producers with protection against an unexpected drop in market prices over a defined period of time. This risk management option is delivered in conjunction with the Government of Canada and the four western Canadian provinces of British Columbia, Alberta, Saskatchewan and Manitoba.
The 2017-18 year saw the largest participation in the program, to date. As of March 31, 2018, a total of 2959 producers had signed up to participate in WLPIP.
Producers can purchase price insurance year-round for their feeder cattle, finished cattle or hogs. Coverage is available for cattle intended for sale 12 to 36 weeks from the day of policy purchase. Price insurance for calves will be available for purchase again in February 2019.
WLPIP is funded through the Canadian Agriculture Partnership. The federal-provincial Partnership is a five-year, $388 million investment in strategic initiatives for Saskatchewan agriculture.