Some changes have been made to Livestock Price Insurance in an effort to promote enrollment by cattle producers.
The purchase period has been extended for two weeks until June 10th, and the settlement periods move from December to the end of February.
More convenient hours have been introduced for producers looking to purchase price insurance as well.
Arnold Balicki from Shellbrook is chair of the Saskatchewan Cattlemen’s Association.
He welcomes the changes and encourages livestock producers to take a look at the livestock price insurance.
Signup numbers in past years have been under 20 percent.
He says producers should be aware they don’t have to insure their calf crop all at once.
He says producers can insure some of the calf crop this week and more next week if they prefer.
He hopes premiums will come down in the next few months and looks at the cost on a weekly basis.
The Livestock Insurance Program policy purchase hours have been extended from 2pm to 11pm on Tuesdays, Wednesdays and Thursdays.
The deadline to purchase coverage has also been extended two weeks to June 10th.
The livestock insurance policies are based on a forward market prices.
If, at the end of the policy the insure price is higher than the market prices, the producer will receive a payment for the difference.
The program is administered by Saskatchewan Crop Insurance.
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(with files from CJWW)
