Producers taking part in the Foraging into the Future Conference had a chance to hear more about the Forage Rainfall Insurance Program.
The program is administered through Saskatchewan Crop Insurance Corporation.
Dr. Kim Mclean says about 80% of the customers enrolled in the Forage Rainfall Insurance Program received a payout in 2018.
“We did have over ten and a half million dollars paid out in indemnities to producers on those programs. So, most producers that were part of it, if they were in a rainfall shortage, did receive some payments to help cover with that feed need this fall.”
Under the program, a rainfall claim is triggered when the precipitation at your selected weather station is below 80% of normal.
Saskatchewan Crop Insurance Corporation also administers the Western Livestock Price Insurance Program.
Mclean says the WLPIP Calf program is designed for the cow-calf producer selling calves in the fall and once again triggered payouts for some producers.
‘We did see some coverage as high as $216 that was offered in March for the fall calf run here. Right now, the settlement is about $202 per hundred weights. We’ve paid out minimally right now about $34,000 all season. For some of those producers that took up that $216 coverage, they did receive some payouts. I think its tracking with what’s going on in the market and that it’s there in case we need it. I think its reflective of what’s happening in the market.”
The Western Livestock Price Insurance Program is a voluntary, producer-funded insurance program that allows producers to protect themselves against unexpected price declines.
More information on the Forage Rainfall Insurance Program and the Western Livestock Price Insurance Program is available here.