Production Insurance
Flue-cured tobacco

Rates

These base premium rates are provided for information purposes only. For your own rates, please refer to your renewal notice or confirmation of insurance.

2023 Premium rates for owner-growers

Guaranteed production

Premium rate ($/lb)

80%

85%

90%

0 - 30,000

$0.0107

$0.0132

$0.0158

30,001 - 40,000

$0.0103

$0.0128

$0.0154

40,001 - 50,000

$0.0099

$0.0124

$0.0150

50,001 - 60,000

$0.0095

$0.0120

$0.0146

60,001 - 70,000

$0.0091

$0.0116

$0.0142

70,001 - 80,000

$0.0087

$0.0112

$0.0138

80,001 - 90,000

$0.0082

$0.0108

$0.0133

90,001 - 100,000

$0.0077

$0.0103

$0.0128

100,001 - 110,000

$0.0072

$0.0098

$0.0124

110,001 - 120,000

$0.0068

$0.0093

$0.0119

120,001 - 130,000

$0.0063

$0.0088

$0.0114

130,001 - 140,000

$0.0058

$0.0084

$0.0109

140,001 - 150,000

$0.0053

$0.0079

$0.0104

150,001 - 160,000

$0.0048

$0.0074

$0.0100

160,001 - 170,000

$0.0044

$0.0069

$0.0095

More than 170,000

$0.0039

$0.0064

$0.0090



Claim price

The claim price is 80 per cent of the weighted average contract price set by licensed buyers and approved by Agricorp.

Calculating your annual premium

Your annual premium is based on:

  • Base premium rate
  • Guaranteed production (GP)
  • Industry​ price

The premium is calculated using this formula:

Annual premium = GP × base premium rate × Industry price

The industry price for 2023 is $2.2994/lbs.

Base premium rate

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

Volume discount

Your premium rate incorporates a volume discount.  This sets a different premium rate per acre based on the volume of your GP and your coverage level.






Canadian Agricultural Partnership – Agricorp – Ontario – Canada