2024 Premium rates and claim prices
Coverage type |
Maximum seed-cost claim price
($/acre) |
Maximum replant claim price
($/acre) |
Premium rate by coverage level
($ per acre) |
80% |
85% |
90% |
Total production coverage | $155
| $219
| $32.80
| $46.29*
| N/A
|
*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.
The customer portion of the seed cost coverage premium is $1.15/acre for lima beans.
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 × number of acres
For your own premium rates, see your Renewal Notice.
Claim price
- Used to calculate any potential claim under production loss coverage.
- Set by Agricorp.
- Based on crop-specific information from the Ontario Processing Vegetable Growers (OPVG)
For lima beans, the claim price is based on the OPVG current year's negotiated price, minus non-incurred costs.
