These base premium rates are provided for information purposes only. For your own rates and for any surcharge or discount
you may have, refer to your renewal notice or coverage confirmation.
Your annual premium is based on:
The premium is calculated using this formula:
Premium = customer base premium rate × number of acres × D or S
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 Ontario Agricultural Products Insurance Fund.
This refers to the number of planted acres you report after planting. Once you report your final planted acres, Agricorp sends your premium invoice.
If you have had Production Insurance coverage for a commodity for more than one year, your premium rate may be discounted or surcharged. Discounts and surcharges are determined by comparing your individual claim rate for a commodity to the claim rate for the commodity as a whole.
The floating price is set at harvest time. It is determined by the average price of beans sold between August 1 and November 30 of the crop year.