Agriculture Financial Services Corporation is lowering crop insurance premiums.
“On average, 2018 premium rates for crops are eight per cent lower than they were in 2017,” AFSC said in a news release. “The decrease in premium rates is a reflection of the generally good growing conditions over the past few years, which resulted in positive results for the crop insurance program.”
Premiums for specific crops depend on the actual loss experience for that crop as well as the risk area, it said.
AFSC has also made other changes for this year’s growing season.
A 10 per cent claim deductible is being introduced under the Spring Price Endorsement, which will reduce the premium rate charged to clients by between 20 per cent and 30 per cent depending on the crop.
As well, insurance coverage for two new wheat classes are being aligned after the Canadian Grain Commission reclassified a number of wheat varieties, moving them from Canadian Prairie Spring and Canadian Western Red Spring classes to the new Canadian Northern Hard Red and Canadian Western Special Purpose classes.
The provincial crop insurer has also launched a “new online platform.” It will allow producers to view and manage their account information and make policy changes via a chat function that connects them with AFSC staff.
The deadline for applying for insurance, making changes to a policy, or cancelling insurance is April 30.