IF 93: Livestock Price Insurance 101 w/Jason Dobbin
Monday, June 15, 2020
Reference: Farm Marketer
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IF 93: Livestock Price Insurance 101 w/Jason Dobbin
In this week’s episode, “Livestock Price insurance 101,” Tracy chats with Jason Dobbin about the WLPIP livestock price insurance program as part of our continued risk management insurance series on the Impact Farming Show.
Risk management strategies are essential to have in place to protect your farm, and especially so, during volatile times. There is no better time to discuss the livestock price insurance program than the present. We are curious, do you use this program on your farm? Or are you unsure of the benefits, find the program confusing, and want to learn more? If so, you are not alone. Both Tracy and Jason agree that this program is often highly misunderstood by producers. It seems downright complicated at the onset; however, once you grasp the details, it is rather simple.
In this episode, Jason walks us through the program at a very 101 level, and then they dig deep into the critical areas of the program that producers often misunderstand and struggle with:
- How the insurance program works, the program's goal, and how pricing is determined.
- What livestock groups are eligible and which provinces have access to the program.
- How the insurance program and what you sell your animals for are two completely different concepts. Hint, this concept is the most significant cause of confusion for producers
- Whether or not you have to buy a policy on all animals.
- Whether or not you have to buy the highest coverage level.
- How to determine coverage levels for your farming operation and much more
To wrap the episode up, Tracy and Jason review a few real-life examples of when a payout would kick, when it would not kick in, and they discuss how the payout process works.
You spoke, we listened, and we are confident that by the end of this episode, listeners will have a strong understanding of the program so that they can assess how it could be used on their farming operation. Are you a hog or cattle producer? If so, you do not want to miss this program.
Western Livestock Price Insurance Program
The Western Livestock Price Insurance Program (WLPIP) is a risk management tool, allowing producers to purchase price protection on cattle and hogs, in the form of an insurance policy. Available in British Columbia, Alberta, Saskatchewan and Manitoba, the program provides producers with protection against an unexpected drop in prices over a defined period of time.
How does it work?
Program Options
Who is eligible?
Visit their website for complete information <here>.
IMPORTANT ALERT - The WLPIP program deadline is extended this year. The new deadline to apply is June 18, 2020.
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* Disclaimer - As always, this information is not intended to provide business or medical advice. To ensure that your own circumstances have been properly considered and that action is taken based on the latest information available, you should obtain professional advice from qualified business or medical professionals before acting on any of the information in this post.
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Thank You To Our Show Sponsor
Here at The Impact Farming Show, our goal is to bring our audience the people and ideas that will IMPACT their farming operation. We couldn't do it without the continued support of our sponsors that are committed to supporting our show and our shared vision of helping farmers succeed.
Please take a moment to check out this week's show sponsor:
Bayer Crop Sciences
Bayer is a leader in Canadian agriculture
Canada is an agriculturally rich and diverse country. And given our hands-on local experience and expertise, it’s no surprise that Bayer is a leader in Canadian crop production.
We employ over 400 people including our well-represented sales force and key business locations across Canada. Headquartered in Calgary, we also operate our seed processing facility in Lethbridge, our formulation and distribution facilities in Regina, our seed-breeding centre in Saskatoon, our eastern Canadian operation centre in Guelph and our regulatory office in Ottawa.
Learn more about Bayer CropScience here.
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Show Guest
Jason Dobbin
Western Livestock Price Insurance Program Coordinator
Manitoba Agricultural Services Corporation
Manitoba Agricultural Services Corporation (MASC) supports the province's producers and rural communities, through innovative and targeted risk management and financial programs. MASC has corporate offices located in Portage la Prairie and Brandon, and is represented across Manitoba by 26 client service offices in locations throughout the province.
Connect with Jason Dobbins - LinkedIn
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The Impact Farming Show
Welcome to Impact Farming, Farm Marketer's video and audio show dedicated to helping Canadian farmers excel in the business of farming. Our goal with this show is to introduce our audience to the people and ideas that are going to make an IMPACT on their farming operation.
Show Host - Tracy Brunet
CEO of Farm Marketer
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Tracy and her husband are cattle ranchers in South East, Manitoba. As host of the show, primary producer and agvocate, Tracy is passionate about helping farmers succeed in the business of farming.
In each episode, Tracy chats with today's most successful farm advisors and industry leaders to bring our audience the best and most important ideas.
Connect with Tracy Brunet - Twitter / Facebook / Instagram / Linkedin
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