Comments on Funding:
Two types of claims can be made against the fund:
- Cattle sellers may make a claim if a licensed dealer defaults on payment. Compensation is 95% on approved claims.
- Licensed dealers may make a claim if a producer defaults on payment. Compensation is 85%, up to a maximum of $125,000.
There is no compensation for claims less than $5,000.
Sellers can be:
All dealers must be licensed by the Ontario Ministry of Agriculture, Food and Rural Affairs.
For information on how to obtain a dealer license or make a claim, contact Agricorp at 1-888-247-4999.
If the sale is $15,000 or less: Buyers must ensure that payment is made so it can be deposited in the seller’s bank no later than 1:00 p.m. on the ninth business day following the day of sale.
If the sale is $15,001 or more: Buyers must ensure that the payment is made so that it can be deposited in the seller’s bank no later than 1:00 p.m. on the sixth business day following the day of sale.
Sellers making a claim must apply to the Livestock Financial Protection Board within 30 days of the day of sale. Sellers may also make a claim if a dealer has ceased operation or if a dealer’s assets were placed under a trustee or receiver.
Other Things to Note:
The Livestock Financial Protection Board (LFPB) manages the fund and determines if a claim should be paid.
Agricorp supports the ministry in licensing dealers, collects the check-off fees and supports the LFPB.
The Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA) manages program policy, licensing decisions, investigations and enforcement.