These base premium rates are provided for information purposes only. For your own rates, refer to your underwriting summary, which shows any surcharge or discount you might have.
The minimum total premium is $100 per fruit crop.
You can choose separate claim prices for fresh and for processing crops:
Fresh claim price option – Your fresh production is valued at the fresh claim price and your processing production is valued at the processing claim price.
Processing claim price option – Both processing and fresh production are valued at the processing claim price.
Fresh crops may be insured at the lower processing claim price, but processing crops may not be insured at the higher fresh claim price.
Your annual premium (AP) is based on:
The premium is calculated using this formula:
AP = base premium rate x GV x D or S
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.
Your guaranteed value is determined by multiplying your guaranteed production by your selected claim price.
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.
Since your total premium is not calculated until the spring, a premium deposit is required to secure your coverage over the winter.
The minimum premium deposit is $100 per crop.
Your premium deposit is 25 percent of the premium you paid last year for each crop.
Your premium deposit is 25 percent of an estimated premium, which is based on your estimated underwritten value at the time of application.
Premium deposits are not refunded if you later decide to cancel your coverage.