The Western Livestock Price Insurance Program (WLPIP) provides livestock producers with a range of coverage options to help manage price risk. The program provides an insurable 'floor' price on cattle and hogs.
First developed as a producer-driven initiative under the guidance of Alberta Beef Producers, WLPIP has since expanded to all of Western Canada. As part of the Growing Forward 2 initiative, the WLPIP is now being offered to livestock producers in Manitoba.
The WLPIP Web Help GuidePDF shows you the basics of WLPIP, how to access the WLPIP site, how to purchase policies, and how to file a claim.
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WLPIP Policy as Security for the Advance Payment Program
You can use a WLPIP policy to help secure a cash advance under the Advance Payment Program. Producers can access cash advances of up to $400,000, with interest on the first $100,000 paid by the Federal government.
WLPIP is a complete risk management program that accounts for the risks associated with future livestock market prices, fluctuations in the Canadian dollar, the basis that reflects the impact of trade issues, cost of feed, and transportation. Producers purchase coverage for one up-front premium, and while coverage is based on the market-driven factors, settlement of policies is based directly on average Western Canadian cattle/hog markets (not on the individual's selling price).
Selecting an insured price provides a 'floor' price, which acts as protection against the market being lower than the insured price when the policy expires. If the market goes above the insured price, producers can still take advantage of the upside and sell livestock for that higher price. In either case, there is no obligation to sell livestock when the policy expires.
Settlement prices are calculated weekly for each cattle program and monthly for the hog program, and are designed to reflect current Western Canadian market prices, which ensures the program is responding to market conditions that producers are actually facing in their home market.
WLPIP Insurance Policies are Available for Purchase
A producer purchases insurance based on the expected future sale weight of the livestock.
The producer chooses the insurance policy length to match the time period when they expect to sell.
The producer chooses a coverage level and pays the associated premium by credit card through a secure online portal. A producer may also pay by cheque, online banking or telephone banking. For more details, see the 'Notification, Purchase and Payment Options' section (below).
The producer now has a protected floor price.
In the Calf, Feeder and Fed programs, if the settlement price is below the selected coverage during the last four weeks of a policy, the producer can make a claim.
In the Hog program, if the settlement price is below the selected coverage at the expiration of a policy, the producer will receive an indemnity automatically.
There is no obligation to sell livestock at the time the policy expires.
Western Cattle Price Insurance Program (WCPIP)
WLPIP for cattle (WCPIP) is designed as a simple risk management tool that beef producers in Western Canada can use to help manage some of the risks associated with owning cattle. Reflecting the price in their local market, the program helps reduce a producer's exposure to price, basis and currency risk.
Three WCPIP programs have been developed to reflect the risk of feeding cattle at various stages in the production cycle: WCPIP-Calf, WCPIP-Feeder and WCPIP-Fed
WCPIP-Calf takes into account factors that impact the calf price including the futures market, the Canadian dollar, basis and the price of barley.
Offered each spring
Designed for cow-calf producers to purchase coverage from February to May
Policies expire 16 to 36 weeks after purchase of coverage, during the fall calf run from September to December
Settlement price is based on the average price of a 600 lb calf, derived from current sales data from auction markets in Saskatchewan and Manitoba
The period for purchasing WCPIP-Calf policies for settlement in Fall 2017 begins February 1, 2017 and expires on May 31, 2017.
Applicants must be 18 years of age or older, and file or intend to file farm income for tax purposes in the Province of Manitoba.
You will receive an Activation Key by email once your eligibility is confirmed. With your Activation Key, logon to mywlpip.wlpip.ca to create a unique username and password. Once your online account is set up, use mywlpip.wlpip.ca to purchase policies, monitor premiums and coverage levels, pay your premiums, and file claims. You must log-in within 30 days to activate your account.
Having problems accessing your WLPIP policy online?
Contact the WLPIP Call Centre at 1-844-782-5747.
Notification, Purchase, and Payment Options
The most current WLPIP premium coverage tables can be provided by fax, email, or by calling the WLPIP Contact Centre at 1-844-782-5747.
WLPIP policies can be purchased online at mywlpip.wlpip.ca, or by filling out a 'Request to Purchase' form (provided at mywlpip.wlpip.ca). Once filled out, a 'Request to Purchase' form can be submitted by email (with scanned attachment of the Request to Purchase form) or by fax or photograph.
If a 'Request to Purchase' form is submitted via fax or email, a notice of confirmation is sent by the same method, and an additional confirmation is mailed the following day.
If a producer has submitted a 'Request to Purchase' form, the producer has up to 15 days to provide payment. Currently a producer can pay by cheque, online banking, or telephone banking.