Calculating your annual premium
Your annual premium is a percentage of the total insurable value of each crop. The percentage used is a base premium rate set by Agricorp.
The premium is calculated using this formula:
Annual premium = total insurable value x base premium rate
Total insurable value
Your total insurable value is determined by multiplying the insurable value (for each crop) by the number of acres you plant.
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 threshold levels and the level of the Ontario Agricultural Products Insurance Fund.