These base premium rates are provided for information purposes only. For your own rates and for any surcharge or discount you may have, please refer to your renewal notice or coverage confirmation.
2024 Premium rates
Coverage level
|
Premium rate
($/acre) |
|
70% | $156.08
|
|
75% | $191.12
|
|
80% | $254.82
|
|
85% | $324.90
|
90%
| $496.59
|
2024 Claim price
Asparagus fixed claim price:
$1.33/lb.
Calculating your annual premium
Your annual premium is based on:
- Base premium rate
- Reported number of acres
The premium is calculated using this formula:
Annual premium = base premium rate × number of acres
Base premium rate
The 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 Ontario Agricultural Products Fund.
Reported number of acres
This refers to the total number of planted acres you report when you finish planting. Once you report your final planted acres, Agricorp sends your premium invoice.
Claim prices
The claim price is applied to your yield to calculate a dollar value for the purpose of paying a claim. Your claim amount equals your yield shortfall (total guaranteed production minus your total yield) multiplied by the claim price.
The claim price is calculated as the 5-year average price of fresh sales, as reported by the Ontario Ministry of Agriculture, Food and Rural Affairs, minus an amount per pound for non-incurred costs (pack out and containers).
