These base premium rates are provided for information purposes only. For your own rates, please refer to your renewal notice or coverage confirmation, which shows any surcharge or discount you might have.
Your annual premium is based on:
The premium is calculated using this formula:
Annual premium = number of acres x base premium rate 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 Ontario Agricultural Products Insurance Fund.
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.
This refers to the total number of planted acres you report when you finish planting. Once you report your final planted acres, Agricorp sends your premium invoice.
The claim price is applied to your yield to calculate a dollar value for the purpose of paying a claim. Your claim amount equals your yield shortfall (total guaranteed production minus your total yield) multiplied by the claim price.
The claim price is based on the three-year average industry price minus non-incurred costs.