These base premium rates are provided for information purposes only. For your own rates, refer to your renewal notice, which shows any surcharge or discount you might have.
2020 Premium rates and claim prices
|Claim price||Premium rate by coverage level|
The minimum annual premium is $100.
Calculating your annual premium
Your annual premium (AP) is based on:
- Base premium rate
- Reported number of hives
- Discounts and surcharges (D or S)
The premium is calculated using this formula:
AP = base premium rate x # of eligible hives x D or S
Base premium rate
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.
Reported number of hives
This refers to the number of established hives you report.
Discounts and surcharges
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 determined by comparing your individual claim rate to the claim rate for the crop plan as a whole.
Please refer to the Discounts and Surcharges feature sheet.