Production Insurance
Adzuki beans

Rates

​​​These base premium rates are provided for information purposes only. For your own rates, ple​​a​​se refer to your renewal notice or confirmation of insurance, which s​hows any surcharge or discount you might have.

​​​2017 Premium rates​

Coverage Type Customer base premium rates by coverage level
($/acre)
70%75%80%
Floating claim price $20.37$25.55$31.29

Price​​s and values

Coverage typeMaximum reseeding benefit
($/acre)
USABClaim price
​Floating claim price$140$0.4911/lbFl​oating
​ ​

Calculating your annual premium

Your annual premium (AP) is based on:

  • Customer base premium rate
  • Discounts and surcharges (D or S)
  • Reported number of acres

The premium is calculated using this formula:

AP = number of acres x customer base premium rate x D or S

Customer base premium rate 

The customer base premium rate is determined at renewal time each year. It may change due to factors like past performance of the plan, changes to claim prices and the level of the Production Insurance Reserve Fund.​

Discounts and surcharges

If you have been enrolled in a Production Insurance plan for more than one year, your premium rate may be discounted or surcharged. Discounts and surcharges are determined by comparing your individual claim rate to the claim rate for the crop plan as a whole.

Reported number of acres

This refers to the number of planted acres you report after planting. Once you report your final planted acres, Agricorp sends your premium invoice.

​​​​​​Floating claim price

The floating price is set at harvest time. It is determined by the average price of beans sold between August 1​​​ an​​​​​​d November 30 of the crop year, as determined by the Ontario Bean Growers. ​

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Growing Forward 2 – Agricorp – Ontario – Canada