These base premium rates are provided for information purposes only. For your own rates, please refer to your renewal notice or confirmation of insurance.
The minimum total customer premium is $100.
Your annual premium is based on:
The premium is calculated using this formula:
Annual premium = number of acres x base premium rate x D or S
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.
This refers to the total number of planted acres that you or your processor reported when you finished planting. Once your final planted acres are reported, Agricorp sends the premium invoice to you or your processor, depending on who pays.
If you have been enrolled in a Production Insurance plan for more than one year, a discount or surcharge may be applied to your premium rate. Discounts and surcharges are determined by comparing your individual claim rate to the claim rate for the crop plan as a whole.
Claim prices are set by Agricorp and based on information from the Ontario Processing Vegetable Growers (OPVG).
The claim price is based on the OPVG previous year’s dicer contract price less trucking costs and board fees.