Why are 5 million acres of Ontario farmland insured under Production Insurance each year?
In a word:
Production Insurance protects Ontario producers from yield reductions and production losses caused by factors beyond their control, including adverse weather, disease, pests, wildlife or other uncontrollable natural perils.
When you enrol in Production Insurance for processing vegetables, you are guaranteed a level of production based on either your contracted tonnage or your yield history – whichever is less – and the level of coverage you choose. A claim may be paid if an insured peril causes your yield to fall below your guaranteed production.
Making changes to your coverage – Contact Agricorp by May 10, 2023 to apply for coverage or to change your coverage. Changes to coverage include things like adding or removing commodities, changing coverage levels, and updating other options like claim prices (where applicable).
Production Insurance is part of the suite of programs available under the Sustainable Canadian Agricultural Partnership. For most coverage, producers pay 40% of the total premium cost and none of the administrative cost. Together, the federal and provincial governments contribute the other 60%. Administrative costs are fully funded by both levels of government.