New insurance program to help grow maritime beef sector

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Source: Agriculture and Agri-Food Canada 

Through a collaborative investment between the federal and provincial governments, a new risk management tool for beef producers will facilitate growth of the sector across the Maritime region.

The new Maritime Livestock Price Insurance Pilot Program will allow producers in PEI and New Brunswick to purchase price protection on beef cattle in the form of an insurance policy, in the event of unexpected market declines.

Through the new initiative, purchasers pay 100% of the premiums while both federal and provincial governments are making investments to administer the pilot program for producers. On PEI, the Maritime Livestock Price Insurance Pilot Program will be administered by the Prince Edward Island Agricultural Insurance Corporation.

The Maritime Livestock Price Insurance Pilot Program is a 2-year regional initiative meant to complement existing business risk management programs, available to the livestock industry. It will be evaluated and could be extended if it is deemed successful.

For more information on the Maritime Livestock Price Insurance Pilot Program visit, www.princeedwardisland.ca/MLPIPP

Quotes

“Our livestock producers are an integral part of our agriculture sector in the Maritimes, and like other commodities, they can face ever-changing market prices. This pilot program will provide protection from sudden unexpected price drops so producers can better manage risks, grow their business, and continue to supply top-quality products to Canadians and folks around the world.”

– The Honourable Lawrence MacAulay, Minister of Agriculture and Agri-Food, Government of Canada

“The livestock industry on PEI is such an important part of our farming ecosystem. Supporting this sector will assist in its advancement, and ultimately growth for the greater agricultural community.  I am very pleased to introduce this insurance as an additional resource for our farmers on PEI. I want to thank the Maritime Beef Council and partner Provinces for embracing an innovative approach that can help keep our industry sustainable for years to come.”

– The Honourable Bloyce Thompson, Deputy Premier and Minister of Agriculture, Province of PEI

“The Maritime Livestock Price Insurance Pilot Program is the result of an effort that has been years in the making and involved many dedicated individuals, both from government and industry. Livestock price insurance provides an opportunity for producers to have security when it comes to marketing that has only been available in Western Canadian provinces.  We are excited to see the launch of the program and the opportunities it will provide to Maritime cattle producers!”

– Dean Manning, Chair of Maritime Beef Council

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