The Western Livestock Price Insurance Program (WLPIP), announced by Agriculture and Agri-Food Canada and Western provincial ministers on January 24, 2014, is now taking applications.
Cattle and hog producers may now use this new livestock price insurance product to help manage unexpected livestock price declines. 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.
The cattle price insurance program will “help reduce producers’ exposure to price and basis risk,” according to an AAFC press release. Producers have the option of insuring their calves, feeders, or fed cattle as well as selecting only basis protection for fed cattle. The Western Hog Price Insurance is designed to offer coverage based on current Western Canadian market conditions.
Administration costs are covered by the federal and provincial governments through Growing Forward 2 while premiums are fully funded by producers. 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.
Associated Links and Contacts
· Program website – Western Livestock Price Insurance Program
· Growing Forward 2 – AgriRisk Initiatives