Why are five million acres of Ontario farmland insured under Production Insurance each year?
In a word:
Production Insurance protects Ontario producers from yield reductions and crop losses caused by factors beyond their control, including adverse weather, disease, pests, wildlife or other uncontrollable natural perils.
Agricorp is now offering a pilot Production Insurance plan for ginseng. When you enrol in the pilot, you are offered an establishment benefit for your seedling gardens. A claim may be paid if an insured peril prevents your crop from establishing a stand.
- Reporting acres – This year, we ask that you report your acres between November 2 and November 23, giving you more time to report. An adjuster will be in touch with you to measure and confirm your final planted acres.
- Same insurance. New look – We have refreshed the renewal notice and Contract of Insurance for Production Insurance.
What Production Insurance offers
- Peace of mind
- Dependable collateral with financial institutions
- Affordable coverage that is cost-shared with government
- Premiums that are tax deductible as operating expenses
- Claim payments that reflect market prices and production costs
- Individual crop plans that accommodate unique aspects of each insurable crop
- 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. In most plans, producers pay 40 per cent of the total premium cost and none of the administrative cost. Together, the federal and provincial governments contribute the other 60 per cent. Administrative costs are fully funded by both levels of government.