Agriculture Financial Services Corporation has made six enhancements to the AgriInsurance programs, including a first of its kind malt barley insurance product.
The corporation, provincial and federal governments, and producer groups worked together to make the enhancements based on producer feedback.
The malt barley insurance will have a premium price compared to feed barley, but will provide more coverage for growers with malt contracts.
The other five program enhancements are:
- Amendments to the Annual Insurance Program to include winterkill as a designated peril for pedigreed alfalfa seed production loss insurance.
- Implementing individual coverage as part of the Bee Overwintering Insurance Program.
- Making organic producers eligible for production insurance. This new option will work similarly to AFSC’s standard production insurance programs.
- Continued changes to field pea insurance as the crop shifts to an edible end use.
- Creation of a distinct category for yellow dry beans.
Additionally, AFSC clients will pay an average of six per cent less in multi-peril Annual Crop Insurance Program premium rates compared to 2015 levels. The reduction is based on the average of all crops in risk areas, and is related to the positive loss experience in recent years. In certain risk areas, the premium reductions will be higher or lower than the six per cent average.
Clients will also see a 14 per cent increase in dollar coverage per acre in 2016. This increase is due to a combination of increasing spring insurance prices and yields.
For more information, call 1-877-899-2372 or visit afsc.ca.