Why are 5 million acres of Ontario farmland insured under Production Insurance each year?
In a word:
protection.
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.
What's new
- Making changes to your coverage: Going forward, the enrolment and coverage change deadline for bee health is October 15, or when hives are wrapped (whichever comes first). We know September is a busy time for you. This new date gives you more flexibility to assess your coverage needs.
- Increased coverage with higher insurable values for 2024: Insurable values have increased to better reflect the cost of a replacement hive. A higher insurable value means a higher payment, if you trigger one. See the Rates page for insurable values.
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)
Funding partners
Production Insurance is part of the suite of programs available under the Sustainable 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.
