Saskatchewan cattle producers who use the Western Livestock Price Insurance Program no longer have to pay the entire premium up front.
The federal and provincial agriculture ministers announced this past fall that policyholders could make payments on account until the policy expires, subject to interest.
Cattle organizations in the province had asked for this change, citing that Alberta producers had this option.
“This new flexibility keeps Saskatchewan cattle producers on an even footing with our neighbours to the west,” said Saskatchewan Cattlemen’s Association chair Rick Toney.
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WLPIP was implemented in 2014 in Saskatchewan and is included in the Canadian Agricultural Partnership in the four western provinces.
It is administered by Saskatchewan Crop Insurance Corp. and allows producers to buy price protection against market declines on calves, feeders and finished cattle. Policies cover animals that will be sold between 12 and 36 weeks from the date of purchase.
Calf policies are available in spring, while policies on other animals are available year-round.
According to the governments, about $405,000 was paid out to cow-calf producers in the fall of 2017, and interest in 2018 was also strong.
Nearly 3,000 producers had bought policies as of March 31, 2018.
About 22 percent of the province’s calves, or 176,000 head, were insured in the spring of 2017, as were 2.5 percent, or 19,690 feeders, and 4.5 percent, or 4,463 fed cattle.
