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 production losses caused by factors beyond their control, including adverse weather, disease, pests, wildlife or other uncontrollable natural perils.
When you enrol in Production Insurance for fresh market vegetables – average farm yield basis, you are guaranteed a level of production. Your coverage is based on comparing your actual yields to an average of your historical yields for each crop. A claim may be paid if an insured peril causes your yield to fall below your guaranteed production.
Making changes to your coverage – Contact
Agricorp by May 10, 2023 to apply for coverage or to change your coverage.
Changes to coverage include things like adding or removing commodities,
changing coverage levels, and updating other options like claim prices (where
Production Insurance is part of the suite of programs available under the Sustainable Canadian Agricultural Partnership. For most coverage, producers pay 40% of the total premium cost and none of the administration cost. Together, the federal and provincial governments contribute the other 60%. Administrative costs are fully funded by both levels of government.