These base premium rates are provided for information purposes only. For your own rates, refer to your renewal notice, which shows any surcharge or discount you might have.
2020 Premium rates and claim prices
| Fresh market claim price||Processing claim price||Customer premium rate by coverage level|
(% of liability)
The minimum annual premium is $300.
Calculating your annual premium
Your annual premium (AP) is based on:
- Base premium rate
- Guaranteed value (GV)
- Discounts and surcharges (D or S)
The premium is calculated using this formula:
AP = base premium rate x GV x D or S
Base premium rate
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 Production Insurance Fund.
Your guaranteed value is determined by multiplying your guaranteed production by your selected claim price.
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.
Please refer to the
Discounts and Surcharges feature sheet.