During each of the last four weeks of a policy, called the ‘Claim Window’, a producer can look at the settlement index calculated during each of those weeks and determine if a claim should be filed. If the producer sees a settlement index which is below the insured price of their policy, they can choose to make a claim for all or some of their insured weight on that policy. If for any reason all of the insured weight is not specifically claimed by the producer, the policy will automatically expire at the end of the last week of the policy and the settlement index relevant to that week will be used. Indemnities are owed if the settlement index settled against is less than the coverage purchased. Cheques are sent out in a timely manner upon policy expiration.
There is no requirement for the producer to sell their cattle at the time the policy expires. While the intent of the program is to match coverage with cattle marketing timelines, there is no requirement to market cattle before the policy expires.