As dry conditions persist across the western provinces, Livestock Price Insurance (LPI) would like to remind producers of their marketing options with cattle currently insured.
Producers facing water or pasture shortages and have an active insurance policy in the Feeder and Calf insurance programs are able to sell cattle outside of the normal settlement window.
Reminders
- The LPI Contract of Insurance states producers are required to retain ownership of the livestock for a minimum of 60 days throughout the life span of the policy before they are eligible to sell.
- For producers with a Fed policy, the finished cattle must be owned for a minimum of four weeks prior to policy expiration.
Frequently Asked Questions
Q: I expected my calves to weigh 600 lbs at the expiry of my policy. Due to dry conditions and limited grass, my calves will likely wean lighter. How does this affect my policy?
LPI takes into account the current weather conditions. In the event your policy is selected for audit, please contact your LPI office for further discussion.
Q: Due to grass and feed availability, I have to sell a number of calves on the cow before the 60-day ownership minimum, how does this impact my policy?
Contact your LPI office to discuss your situation and it will be reviewed on a case-by-case basis.
Q: As a result of dry conditions I need to sell my cattle earlier than expected. Can I move the settlement window to match when I sell the cattle?
You can sell your cattle outside the settlement window, so long as you have continuous ownership of 60 days. Your policy remains valid but the settlement date cannot be changed as this would affect the coverage offered and the associated premium cost.
Q: I have to sell my calves before my policy window is due, is my policy cancelled?
No, the policy is in effect for the full settlement window. If there is a claim, it will still apply.
If you have additional questions or need more information, please contact your provincial Livestock Price Insurance office.
As a result of industry feedback, producers will now have additional time to make policy purchases and claim settlements on all Livestock Price Insurance (LPI) programs.
Going forward, purchase hours on Tuesday, Wednesday and Thursdays are available from 2 p.m. to 11 p.m. MT. Settlement hours on Mondays are now offered from 2 p.m. to 11 p.m. MT. Producers can visit lpi.ca during these extended hours to conduct their LPI business.
In addition, the LPI – Calf program has permanently extended its deadline to purchase insurance into June and is now offering settlements in January and February. Purchase dates in 2021 are now available until June 10, 2021 and expiry dates will be available until February 21, 2022.
This change will fulfill a risk management gap that was experienced by producers and provide producers who calve in late spring, summer or fall with additional opportunities to participate in the program that better suits their operational needs.
To register a claim or purchase a policy, producers can contact their provincial LPI office.
The Western Livestock Price Insurance Program, a risk management program available in British Columbia, Alberta, Saskatchewan and Manitoba, announced a major rebrand today. The Western Livestock Price Insurance Program (WLPIP) is now known as Livestock Price Insurance (LPI). This change does not change the details or delivery of the Program.
The name change is part of the program’s strategy to strengthen its capabilities to promote Livestock Price Insurance, while adhering to the latest Canadian Agriculture Partnership guidelines. Moving forward, Livestock Price Insurance, remains true to its services offered and customer service experience.
Federal and provincial partners continue to collaborate on raising program awareness amongst its producers. This brand revitalization incorporates the three core values of the Program: a collaborative approach, producer-driven initiative, and effective risk management. The Livestock Price Insurance program continues to grow and evolve alongside industry; the Program is focused on continuing to expand awareness and enrolment.
The launch of this rebrand is accompanied by an updated logo and a fresh look that will help communicate a clear and effective Program to producers
Along with a new look, the program website has undergone a redesign. Following producer feedback, the Livestock Price Insurance program saw an opportunity to enhance the current website. Changes include simplified navigation and a fresh review on program information. This website acts as a hub for Livestock Price Insurance information and a gateway into customer’s portal access to conduct their business.
In times of uncertainty, producers continue to access coverage against market volatility. In 2020, approximately 360,000 calves, 209,000 Feeder cattle, 232,000 Fed cattle and 9,300 hogs were insured through Livestock Price Insurance across all four provinces. Overall, producers received over $122 million in payouts.
Accessible year-round, producers can purchase livestock price insurance for their feeder cattle, fed cattle or hogs. By offering policies continuously throughout the year, producers can select from a variety of price insurance coverage options, every Tuesday, Wednesday and Thursday, to find the best fit for their livestock operation. Enrolment into Livestock Price Insurance is free and producers are encouraged to explore how it could benefit their own operations. Calf price insurance is available to purchase beginning February 2, 2021.
Producers can purchase Livestock Price Insurance on Tuesday, Wednesday and Thursdays from 2:00 p.m. to 5:30 p.m. MT. Claims can be made on Mondays between 1:30 p.m. and 7 p.m. MT. If you require assistance, please contact your provincial LPI office.
Livestock Price Insurance (LPI) for Calf sales opened February 2. This easy-to-use risk management tool is offered in the spring and covers the price risk cow-calf producers face when selling calves in the market. Producers can tailor coverage to their operation by purchasing price insurance for anticipated calf sales.
Following last spring’s pandemic-related uncertainty, market volatility has stabilized and premiums have returned to more normal levels. Last year, market uncertainty, compounded by delays in the slaughter industry driven by COVID-19 related slowdowns, closures and changes in consumer and food service demand, drove premium rates to unprecedented highs in early spring before they stabilized in May and June.
LPI – Calf participants received $6.039 million in indemnities in 2020, demonstrating how price insurance helps protect producers their investment.
We are updating our email database to ensure continued compliance with Canada’s anti-spam legislation (CASL). In order for the Livestock Price Insurance program to continue to send you premium and settlement emails, we need you to confirm your consent to receive email.
Subscribers to the Livestock Price Insurance (LPI), formerly WLPIP, premium and settlement emails need to confirm their consent to receive email by January 25 to ensure uninterrupted delivery of up-to-date LPI information. An email outlining the one-step consent process will be sent to all current subscribers on January 22.
If you are a subscriber and haven’t received the consent email by January 23, please check your Junk Email folder. If you need assistance, call the LPI Client Service Centre at 1.844.792.5747.