June 21, 2023
With the growing season 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 brought on by things beyond their control, like difficult weather.
Agricorp is here to help
Farmers face numerous challenges every year and may have questions about their program coverage. During the summer months, they are watching the weather, especially for rain. Just the right amount of rain at the right time is never guaranteed, and too little or too much rain can be harmful to farm businesses.
Agricorp is available to assist those who are facing weather challenges, damage to their crops, or general questions about their coverage along the way.
During the growing season, click this banner on the homepage of agricorp.com for up-to-date information.
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 are covered if an insured peril affects planting or production. For other commodities, they are covered 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 crops 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 damage is reported, 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% of their recent average net income, AgriStability helps to offset the difference.
AgriStability was improved with an increased compensation rate of 80%, starting with the 2023 program year. This is an increase the government of Ontario supports, having provided the provincial portion since the 2020 program year.
Farmers enrolled in AgriStability who need cash flow sooner can apply for a
2023 AgriStability interim payment, which is an advance on a portion of a farmer’s estimated final payment.
The Risk Management Program
RMP is designed to help farmers manage risks beyond their control, such as fluctuating costs and market prices. It includes coverage for
cattle, hogs, sheep, veal, grains and oilseeds, and edible horticulture.
To give farmers more time to evaluate their coverage decisions, the government of Ontario is
extending the deadline to secure coverage in 2023 RMP for livestock and RMP: Grains and Oilseeds to June 30, 2023.
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.
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