Livestock producers who participate in the Western Livestock Price Insurance Program can now defer paying their premiums.
Producers will be able to defer payments until their policy expires, subject to interest.
Saskatchewan Agriculture Minister David Marit says this will allow producers to participate in the program without having to immediately access operating capital for payment upon purchasing Livestock Price Insurance.
Marit notes this past year saw the largest participation in the Western Livestock Price Insurance program to date, with close to 3 thousand producers signed up.
“I think this program, with this option now, quite honestly I think we’re going to continue to see a growth in it.” Marit added.
Livestock price insurance gives producers the opportunity to purchase insurance against an unexpected drop in market prices.
Saskatchewan Crop Insurance Corporation introduced livestrock price insurance back in April 2014.