2024 Premium rates and claim prices
Coverage type |
Claim price
| Maximum replant claim price
($/acre)
|
Premium rate by coverage level
(% of total liability) |
80% |
85% |
90% |
Separate inbred cross | Floating
| $136
| 1.67%*
| N/A
| N/A
|
Total production | Floating
| $136
| 0.87%
| 1.12%
| 1.48%
|
*A small portion of this premium rate has a higher premium cost. You pay 67% of the high-cost amount, and the federal and provincial governments pay the rest. The extra cost factors in high-risk commodities or risk-splitting, like choosing single-peril coverage or insuring separate orchards, hybrids, or harvest periods.
About premiums
Premium rates are cost-shared with government.
- 60% of premiums is paid by federal and provincial governments, plus all administrative costs.
- 40% of premiums is paid by customers.
The rates Agricorp publishes represent the customer portion of the premium. Premium rates are set annually and are based on commodity prices and past claims.
Note: Some commodities have high-risk coverage options at a higher cost.
Your premium = premium rate × total liability
Total liability
Total liability = settlement factor × coverage level × (estimated claim price* + replant claim amount) × total acres
*The estimated claim price is the forecasted floating claim price plus the seed company price premium.
