Why are 5 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. Things like adverse weather, disease, wildlife and insect infestations.
When you enrol in the new forage seeding Production Insurance plan, you are offered an establishment benefit. A claim may be paid if an insured peril prevents your crop from establishing a stand.
- Making coverage changes – This year, you have until May 31, 2021, to make any changes to your coverage.
- Report your acres – Our online acreage reporting tool has been improved so it's easier for you to report your acres. The new tool is easier and faster to use, accessible on mobile devices, and compatible with rural internet speeds. To get started, go to the Reporting acreage page after May 1, 2021.
- 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 an operating expense.
- Claim payments that reflect market prices.
- 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.