In February, the Livestock Price Insurance (LPI) program (previously known as Western Livestock Price Insurance) announced a number of program enhancements that will improve access cattle producers have to this risk management tool.
Cattle producers will now have additional time to make policy purchases and claim settlements on all LPI programs. Going forward, purchase hours on Tuesday, Wednesday and Thursdays are now available from 2:00 p.m. to 11:00 p.m. MT. Settlement hours on Mondays are now offered from 2:00 p.m. to 11:00 p.m. MT.
The LPI – Calf program has also 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 program enhancement narrows a risk management gap identified by producers and will provide producers who calve in late spring, summer or fall with additional opportunities to participate in the program.
CCA has advocated for the development of a spring settlement window for calves and the extension of settlements into January and February is a positive step in achieving this objective.
CCA commends the LPI program for implementing these enhancements and will continue to collaborate with LPI to ensure this important risk management tool meets the needs of cattle producers.
To learn more about the LPI program enhancements, click here.
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