Production Insurance
Banana peppers, yield basis

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, which show​s any surcharge or discount you might have.

2020 Premium rates and claim prices 

Claim priceMaximum reseeding
benefit
($/acre)
Premium rate by coverage level
($/acre)
70%
75%
80%
$230/ton$2,278
$57.13
$68.41
$76.81
$350/ton$2,278
$86.93
$104.10
$116.88
$470/ton$2,278
$116.74
$139.79
$156.96

​Calculating your ​​annual premium

Your annual premium is based on:

  • Base premium rate
  • Discounts and surcharges (D or S)
  • Reported number of acres

The premium is calculated using this formula:

Annual premium = number of acres x base premium rate x D or S

Base premium ra​​te

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.

Discounts and su​​rcharges

If you have been enrolled in a Production Insurance plan for more than one year, your premium rate may be discounted or surcharged. Discounts and surcharges are determi​​ned by comparing your individual claim rate to the claim rate for the crop plan as a whole.

Reported number​​ of acres

This refers to the total number of planted acres you report when you finish planting. Once you report your fina​​​l planted acres, Agricorp sends your premium invoice.

​Minimum premium

The minimum total customer premium is $150.

​​Claim pr​​ices

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 guarante​​ed production minus your total yield) multiplied by the claim price.

​The claim price is based on estimates of the Ontario Processing Vegetable Growers’ contract price for banana and red, green and multi-coloured bell peppers.







Canadian Agricultural Partnership – Agricorp – Ontario – Canada