Alberta’s farm financing agency plans to roll out the first price insurance program in Canada for cattle producers as early as mid-2009.
Agriculture Financial Services Corp. (AFSC) said Alberta beef producers will be the first among the province’s livestock sectors to have such insurance.
“This type of insurance doesn’t currently exist in Canada and will be another tool our producers can use to help protect them from fluctuating cattle prices,” Agriculture Minister George Groeneveld said Dec. 3.
The cattle price insurance program (CPIP) is expected to provide protection against drops in Alberta beef prices over a defined time period. Premiums would vary by policy length and by desired coverage levels.
AFSC said it would target mid-2009 to launch a CPIP product for fed cattle and is in the “design stages” of a program for calves and yearlings.