The Saskatchewan government announced Wednesday that Payment on Account is now available to livestock producers in the province through the Western Livestock Price Insurance Program (WLPIP). WLPIP provides producers with insurance protection when an unexpected drop in market prices happens over a specific period of time. Payment on Account is delivered in conjunction with the federal government, along with British Columbia, Alberta, Saskatchewan and Manitoba. Payment on Account gives producers until the expiry of the insurance to pay the premium. “WLPIP is a good example of governments and industry working together to offer an innovative risk management tool that responds to the unique needs of the livestock sector, ensuring our hard-working farmers can continue to grow the economy and create good, middle-class jobs,” said Lawrence MacAulay, federal Agriculture and Agri-Food Minister. “Livestock price insurance is a good complement to existing business risk management programs, offering additional protection against market volatility.” WLPIP was introduced to Saskatchewan producers by Saskatchewan Crop Insurance Corp. (SCIC) in April 2014, offering producers the chance to purchase price protection on cattle and hogs. “Saskatchewan livestock producers need the flexibility to make the best decisions for their cattle or hog operations,” Saskatchewan Agriculture Minister David Marit said. “Saskatchewan producers can now take advantage of this needed option of deferring a payment while continuing to participate in the price insurance program. Producers should consider this valuable risk management tool for their operation.” Saskatchewan livestock producers can purchase their premium up-front, online or in person by cheque at their local SCIC office, when buying their policy through WLPIP. “I am pleased to see the update to allow for payment on account for Western Livestock Price Insurance Program. This new flexibility keeps Saskatchewan cattle producers on an even footing with our neighbours to the west,” said Rick Toney, Saskatchewan Cattlemen’s Association chairman. “What many producers may not know is the good working relationship the Saskatchewan Cattlemen’s Association has with Saskatchewan Crop Insurance who administer livestock price insurance. Pay on Account is another check mark made on a long list of improvements that have come from Saskatchewan Cattlemen’s Association and Crop Insurance working together to keep improving programs.” About $405,000 was paid out to cow and calf producers in the fall of 2017 and with the implementation of Payment of Account, SCIC expects this interest to continue into the 2018-19 program year. “It bridges the gap between Saskatchewan and Alberta producers on payment options,” said Jordan Kowal, Saskatchewan Cattle Feeders Association president. “It gives producers more payment options that fit the needs of their operations.” Price insurance can be bought year-round while coverage is available for cattle intended for sale 12 to 36 weeks from the day of policy purchase. Policies are available for purchase every Tuesday, Wednesday and Thursday while price insurance for calves will be available for purchase again in February 2019. Source - https://globalnews.ca