These base premium rates are provided for information purposes only.
For your own rates and for any surcharge or discount you may have, refer to your renewal notice or coverage confirmation.
2023 Premium rates and claim prices
Coverage type |
Claim price ($/acre) |
Premium rate
($/acre) |
Premium | $174
| $7.19
|
Standard | $115
| $8.99
|
Calculating your annual premium
Your annual premium is based on:
- Base premium rate
- Discounts and surcharges (D or S)
- Final acreage reported
The premium is calculated using one of the following formulas:
-
Annual premium = final acreage reported × (base premium rate – D)
-
Annual premium = final acreage reported × (base premium rate + 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 Ontario Agricultural Products Insurance Fund.
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.
Final acreage reported
This refers to the acreage you report to us as soon as you finish planting or by the deadline.
