Saskatchewan Announces $10 million in Additional Funding to Help Livestock Producers

The Government of Saskatchewan announced $10 million in additional funding to help livestock producers manage the impacts of COVID-19 related market disruptions

This support includes $5 million to partially offset higher premium costs under the Western Livestock Price Insurance Program (WLPIP). The provincial government will provide 40 per cent of the increased premium costs, dating back to February 25, 2020. These premium adjustments will be in place until September 1, 2020, at which time the provincial government will review and reassess.

“The Government of Saskatchewan is providing a rebate of 40 per cent on the premium increase above pre COVID-19 levels”

 

WLPIP provides producers with insurance policies and information that reflects market volatility. Sign up is free with no obligation to purchase a policy. Premium tables are available Tuesday, Wednesday and Thursday. Policies can be purchased from 2:00 pm – 5:30 pm MT on the date of the premium table.

Rebate Calculation

The WLPIP premium tables reflect the current volatility of the cattle markets. Uncertainty in the markets directly impacts livestock price insurance premiums. COVID-19 and the related interruption in meat processing has impacted commodity markets. This is why premiums have increased significantly since the end of February 2020. The Government of Saskatchewan is providing a rebate of 40 per cent on the premium increase above pre COVID-19 levels.

Calf Price Insurance Extension

The deadline to purchase calf price insurance has been extended to June 18, 2020. Producers who want to purchase calf price insurance now have additional time to monitor premium tables and purchase a policy. This is a valuable program for producers wishing to access coverage for spring-born calves marketed in the fall.

Payment on Account

SCIC encourages participants to take advantage of convenient options like Payment on Account. With Payment on Account, producers have until the expiration of their policy to complete their premium payment. Interest is charged 15 days after the purchase on the outstanding balance and statements are generated monthly. Producers using the Payment on Account option can purchase a policy online or over the phone with an SCIC representative. To avoid paying interest, producers can pay premiums up front, online, by mail or in person.

Download the Premium Tables HERE!