Over the next month, Agricorp will be mailing renewals to existing customers in AgriStability, Production Insurance and the Risk Management Program. New customers can visit agricorp.com for more information or call to speak with a customer care representative who can help them get started.
When making decisions about program coverage for the year ahead, it’s important for producers to carefully consider all the risks their farm faces. The federal and provincial governments provide a comprehensive suite of business risk management programs to help mitigate these risks. Producers can maximize their coverage by enrolling in these programs. Different programs cover different risks:
|The risks||Program options|
|Unexpected, large declines of income|
AgriStability – Protects the farm income as a whole instead of one commodity at a time. It's an affordable option: producers can get coverage for a low fee of $315 for every $100,000 of their reference margin.
How it works: Producers receive a payment if their farming income falls below 70 per cent of their farm's recent average income.
Application and renewal dates: April 30
|Small declines in income|
AgriInvest – Helps producers recover from small income shortfalls, or to make investments to reduce their farm’s risk.
How it works: Producers receive a matching government contribution based on their annual deposits into an AgriInvest account. Their deposit is a percentage of their allowable net sales.
Application and renewal dates: September 30
|Low yields and crop losses caused by weather, wildlife, infestation and disease|
Production Insurance – Guarantees producers a level of production. More than 90 plans are available based on yield, dollar value or acreage loss.
How it works: Producers receive a payment when an insured peril causes their yield to fall below their guaranteed production.
Application and renewal dates: In the spring for most plans
|Fluctuating commodity prices|
Risk Management Program – Helps producers offset losses caused by low commodity prices and rising production costs. It’s available for grains and oilseeds, cattle, hogs, sheep, and veal
How it works: Producers receive payments if the market prices fall below their chosen support level.
Application and renewal dates:
- RMP for livestock: April 1
- RMP: Grains and Oilseeds: May 1
|General farm losses or expenses|
SDRM: Edible Horticulture – Is part of RMP and helps producers mitigate general risks associated with their farm business.
How it works: Producers receive a government contribution based on their annual deposit into an SDRM account. Their maximum deposit is a percentage of their allowable net sales.
Application and renewal dates: Starting in September
Visit the program pages
of agricorp.com or contact Agricorp for more information.