These base premium rates are provided for information purposes only. For your own rates, please refer to your renewal notice or confirmation of insurance, which shows any surcharge or discount you might have.
Your annual premium (AP) is based on:
The premium is calculated using this formula:
AP = number of acres x customer base premium rate x D or S
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 Production 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 number of planted acres you report after planting. Once you report your final planted acres, Agricorp sends your premium invoice.
The floating claim price is set at harvest time. It is determined based on the average elevator posted board prices at selected country elevators from August 10 to September 10 of the current crop year.