July 7, 2022
With the growing season well underway and coverage established for many farmers across the province, Agricorp would like to remind customers to keep in touch if they have any concerns about their production or challenges brought on by things beyond their control, like difficult weather.
Agricorp understands the numerous challenges farmers face every year and is ready to answer questions about program coverage and how they can help.
Production Insurance offers different types of coverage
Production Insurance is designed to cover yield reductions and production losses caused by factors beyond a farmer's control, including adverse weather, disease, pests, wildlife or other uncontrollable natural perils. Coverage is available for over 100 commodities.
For yield-based commodities, farmers receive a payment after harvest when an insured peril causes their total yield to fall below their guaranteed level of production. For other commodities, producers receive payments for things like
death or damage to fruit trees or grape vines,
too much or too little rainfall, or
failure of a crop to establish.
As farmers monitor their production over the coming months, they should
contact Agricorp if they notice any new or additional damage.
Farmers can access program payments faster by reporting damage as soon as it is evident. The sooner farmers report damage, the sooner Agricorp can help with the next steps.
AgriStability
AgriStability provides whole farm coverage that is designed to cover large declines in net income caused by production loss, increased costs or market conditions. If a farmer's program year margin falls below 70 per cent of their average historical reference margin, AgriStability helps to offset the difference.
AgriStability was improved last year for Ontario farmers with the removal of the reference margin limit and an increase to the provincial compensation rate.
Farmers enrolled in AgriStability who need cash flow sooner can apply for a
2022 AgriStability interim payment, which is an advance on a portion of a farmer’s estimated final payment.
The Risk Management Program
Ontario's Risk Management Program (RMP) is designed to help farmers manage risks beyond their control, such as fluctuating costs and when the average market price for a commodity falls below its support level. It includes coverage for
cattle, hogs, sheep, veal, grains and oilseeds, and edible horticulture.
Agricorp automatically makes RMP payments when the average market prices falls below its support level during the applicable pricing period.
Get payments up to 7 days faster
Farmers have enough to do without the hassles of cheques. They can get cash in their account 5 to 7 days faster with direct deposit. Direct deposit is convenient, reliable and secure.
To sign up, customers can call Agricorp or go to
agricorp.com/directdeposit. It just takes a few minutes to make things a little easier.
Agricorp is here to help
Agricorp staff are ready to answer questions and can walk farmers through their coverages and the claims process, based on each individual situation.
Agricorp will continue to post any program updates and support on agricorp.com as the season progresses.
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