These base premium rates are provided for information purposes only. For your own rates, please refer to your renewal notice or confirmation of insurance, which shows any surcharge or discount you might have.
2020 Premium rates and claim prices
Fixed claim price
Premium rate by coverage level
|70% ||75% ||80% ||85% ||90% |
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 = number of acres x base premium rate
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 Production Insurance 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.
The minimum total customer premium is $100.
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 five-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).