Rates

​Calculating your ann​​ual premium

Your annual premium ​is based on:

• Base premium rate
• Reported number of acres
• Discounts and surcharges (D or S)

​The premium is calculated using this formula:​

Annual premium = number of acres x base premium rate x D or S

​​Base premium ra​​​​te

The base premium rate is determined at renewal time each year. It may change due to fact​​​​ors like p​ast performance of the plan, changes to claim prices and the level of the Ontario Agricultural Products Insurance Fund.

​​Reported number of acres​​​​

This refers to the total number of planted acres you reported when you finished planting. Once your final planted acres are reported, Agricor​​p sends you the premium invoice.

​​Discounts an​d surcharges

If you have been enrolled in a Production Insurance plan for more than one year, a discount or surcharge may be applied to your premium rate. Discounts and surcharges are determined by comparing your individual claim rate to the claim rate for the crop plan as a whole.

​Claim prices

Claim prices are set by Agricorp and based on information from the Ontario Processing Vegetable Growers (OPVG).

​Dollar values are based ​​on the historic yield​s in d​​ollars.