Production Insurance
Soybeans

Rates

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.

2021 Premium rates

CropCoverage type​Customer base premium rates by coverage level
($/acre)
75%80%85%90%
ConventionalFloating claim price$4.79
$6.15
$7.97
$10.24
Fixed claim price
$3.92
$5.03
$6.52
$8.38
OrganicFixed claim price
$10.05
$12.92
$16.73
$21.50
TofuFloating claim price$5.10
$6.55
$8.49
$10.90
Natto
Floating claim price
$6.01
$7.73
$10.01
$12.86

Prices and values 

CropCoverage typeMaximum replant claim rate
($/acre)
Unseeded acreage claim rateClaim price
ConventionalFloating claim price$92
$12.75/bu
$15.0304/bu
Fixed claim price
$92
$10.85/bu$10.85/bu
OrganicFixed claim price$92
$27.15/bu$27.15/bu
TofuFloating claim price$92
$14.30/bu$16.5515/bu
NattoFloating claim price$92
$15.80/bu$18.0415/bu


​​Calculating your annual premium

Your annual premium (AP) is based on:

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

The premium is calculated using this formula:

AP = number of acres × customer base premium rate × D or S

Customer base premium rate 

The customer 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.

Reported number of acres

This refers to the number of planted acres you report after planting. Once you report your final planted acres, Agricorp sends your premium invoice.

​Claim ​price

The organic option has a fixed claim price only. The tofu and natto options only of​​fer a floating claim price.  The conventional plan offers:

  • Fixed claim price - a claim price that is set at renewal time.
  • Floating claim price - a claim price that is set at harvest time depending on your plan design as shown below:​
If your plan design is...Floating claim price is determined by...
Conventional optionThe average Chatham​ elevator track price (the price farmers buy a railway car load of soybeans) between October 1 and October 21 of the crop year.
Tofu optionAdding $1.50/bu to the conventional soybean floating claim price for the crop year.
Natto optionAdding $2.99/bu to the conventional soybean floating claim price for the crop year.
Organic optionThis plan has a fixed claim price only. A floating price option is not offered.




Canadian Agricultural Partnership – Agricorp – Ontario – Canada