Livestock Price Insurance Program
Canada
Protection against decreases in livestock prices in western Canada
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|openingDateJuly 09, 2024
- grant_single|closingDateJuly 09, 2024
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Agriculture, forestry, fishing and hunting
grant_single|grantors
- Livestock Price Insurance Program (LPI)
grant_single|status
grant_card_status|closed
grant_single_labels|preview
Protection for farmers against decreases in cattle and hog prices in Manitoba, Saskatchewan, Alberta and British Columbia.
grant_single_labels|projects
The following projects or activities are eligible for this grant:
- Cattle Price Insurance
- Hog Price Insurance
- Calf Program
- Feeder Program
- Fed Program
grant_single|admissibleProjectsExample
$30,000
Implementing a Cattle Price Insurance program for a cooperative farm
$25,000
Launching a Hog Price Insurance program for a family-owned farm
$50,000
Launching a comprehensive Hog Price Insurance program for a farm cooperative
$30,000
Introduction of a Fed Program for fed cattle price insurance at a ranch in Fort St John
$40,000
Implementing a Feeder Program to protect against feeder cattle price decreases
$35,000
Developing a Calf Program to stabilize calf prices for a cooperative
grant_single_labels|admissibility
Eligibility for the Livestock Price Insurance (LPI) program requires producers to meet general and product-specific criteria.
- File farm income taxes in British Columbia, Alberta, Saskatchewan, or Manitoba; or if one of these provinces is the province for which the greatest amount of income would be reportable under the Income Tax Act (Canada) for Eligible Livestock.
- Be the owner of the livestock.
- Be the age of majority.
- Calf: Be able to provide proof of calf ownership for 60 continuous days throughout the policy.
- Feeder: Be able to provide proof of cattle ownership for 60 continuous days throughout the policy.
- Fed: Producers need to finish the fed cattle in western Canada for the final four-week period immediately prior to the claim window.
- Fed Cattle Price Reporting: Participation is voluntary and available to all beef producers finishing cattle in British Columbia, Alberta, Saskatchewan or Manitoba. Producers do not need to be current LPI program subscribers.
- Hog: Be able to provide proof hog ownership for 20 continuous days throughout the length of the purchased policy.
grant_eligibility_criteria|who_can_apply
The information provided does not give specific details about the evaluation and selection criteria for projects under this grant, nor does it specify who can apply.
grant_eligibility_criteria|who_cannot_apply
The grant context does not explicitly mention any types of companies that are not eligible for this grant.
- nothing
grant_eligibility_criteria|zone
The eligible geographic zones for the Livestock Price Insurance Program (LPI) are specified provinces in Western Canada.
- British Columbia
- Alberta
- Saskatchewan
- Manitoba
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Check System Requirements
- Ensure you are using Google Chrome, Microsoft Edge, or Mozilla Firefox for the best experience.
- Step 2: Existing Client Login
- If you are an existing LPI client, log in to the MYLPI portal.
- Step 3: New Client Registration
- If you are new to LPI, visit the "Forms" area on their website.
- Alternatively, contact your provincial LPI Client Contact Centre for assistance.
- Step 4: Stay Informed
- Sign up for LPI Premium & Settlement emails to receive updates.
- Check the calendar for insurance premium and settlement dates to ensure timely actions.
grant_single_labels|otherInfo
The Livestock Price Insurance (LPI) Program is a business risk management initiative designed to provide livestock producers in Western Canada with protection against unexpected price drops in cattle and hogs. Participation is voluntary, and coverage details for calf, feeder, and fed cattle, as well as hogs, are provided with specific eligibility requirements and settlement indices influenced by market data.
- LPI policies can be purchased every Tuesday, Wednesday, and Thursday from 2:00 p.m. to 11:00 p.m. MT
- There are specific product offerings related to calfs, feeders, fed cattle, and hogs
- The LPI program includes weekly premium and settlement indices updates
- Additional protection includes advance payment programs, with options to borrow interest-free money on livestock already owned
- Fed Cattle Price Reporting allows producers to voluntarily report cash prices to benefit settlement indices
- Eligibility requires producers to file farm income taxes in the western provinces (BC, AB, SK, MB) and be the owner of the livestock
- Producers must manually manage claims within the first three weeks of the claim window
- Data sources include auction markets, electronic sales, and Canfax reported data to reflect market conditions
grant_single_labels|contact
1.844.782.5747
Apply to this program
Access Government Support Through LPI
Leverage the Livestock Price Insurance (LPI) program, an initiative designed to provide Canadian livestock producers with financial protection against unexpected market fluctuations. This platform offers vital support to the agricultural sector, ensuring producers can sustain their operations amid volatile conditions.
Understanding the Livestock Price Insurance and Its Benefits
The Livestock Price Insurance (LPI) program is a critical resource for Canadian livestock producers, offering coverage options that help shield them against unpredictable changes in market prices. Given the inherent volatility of the agricultural market, the LPI acts as a stabilizing force, allowing producers to plan and budget with greater confidence and security.
This insurance framework is particularly beneficial for cattle and hog producers, who often face challenges due to fluctuating market conditions. LPI provides these producers with the reassurance that they can offset potential losses that arise when market prices fall below their expected returns. Producers have the flexibility to choose from different coverage levels and premium options tailored to their specific operational needs and financial situations.
Operational efficiency is a critical component of the LPI program. The system is streamlined to facilitate the ease of transactions and interactions through its dedicated online portal, which LPI recommends accessing via Google Chrome, Microsoft Edge, or Mozilla Firefox for optimal performance. By using this portal, producers can conveniently manage their insurance policies, track market movements, and make informed decisions about coverage purchases.
In addition to financial protection, the LPI program supports producers by providing essential market analysis and updates. By subscribing to LPI Premium & Settlement emails, stakeholders can stay informed of market trends, premium rates, and settlement values, helping them to align their strategies with the most current data available.
The importance of accessibility to LPI services is underscored by their provincial Client Contact Centres, which offer personalized support and guidance to both existing and new clients. These centres are a valuable resource for producers seeking advice on policy options, claims processes, and market forecasts.
Moreover, the program offers a calendar of insurance premium and settlement dates and times, allowing producers to anticipate and prepare for financial commitments. This foresight is crucial in a sector where margins are tight, and every dollar counts towards sustaining business viability.
While the primary aim of the LPI program is to mitigate financial risks associated with market price instability, it also contributes to the broader goal of sustaining the agricultural industry in Canada. By providing this safety net, the program enables producers to focus on strategic growth and innovation within their operations, rather than being overwhelmingly preoccupied with external market risks.
The LPI initiative is an assurance to the agricultural community, delivering not just protection against price volatility but also a framework for sustained economic resilience. For producers looking to secure their future in an unpredictable market landscape, the Livestock Price Insurance program serves as an indispensable ally in their business planning and risk management strategies.
