Charlottetown – 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
“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.” – Lawrence MacAulay, Minister of Agriculture and Agri-Food, Government of Canada