Why are 5 million acres of Ontario farmland insured under Production Insurance each year?
In a word:
Production Insurance protects Ontario producers from losses caused by factors beyond their control. Production Insurance for bee health covers colony losses caused by insured perils that occur during the overwinter period.
The Ontario government is giving you more time to make
coverage decisions as you work to overcome last year’s hive losses.
The enrolment and coverage change deadline for bee
health is extended to October 7 for
2023 Production Insurance coverage.
What Production Insurance offers
- Peace of mind (production level is guaranteed)
- Dependable collateral with financial institutions
- Affordable coverage that is cost-shared with government
- Premiums that are tax deductible as an operating expense
- Claim payments that reflect market prices
- Coverage that accommodates the unique aspects of each insurable commodity
- Payments that are made within the year the loss occurred (in most cases)
Production Insurance is part of the suite of programs available under the Canadian Agricultural Partnership. For most coverage, producers pay 40% of the total premium cost and none of the administration cost. Together, the federal and provincial governments contribute the other 60%. Administrative costs are fully funded by both levels of government.