Producers can expect several changes to Agriculture Financial Services Corporation’s insurance products for 2023.
The changes include a move to monthly payments for Moisture Deficiency Insurance, an increase in the reseeding benefit compensation rate, the addition of a bear predation pilot project (for hives and bees) to the Wildlife Damage Compensation Program, increased coverage for Straight Hail Insurance and the cancellation of Satellite Yield Insurance.
The shift to monthly Moisture Deficiency Insurance payments is expected to put money into producers’ hands when they need it, allowing them to be proactive during dry periods and buy feed or take other immediate steps, AFSC said.
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Similarly, the addition of a bear predation pilot project to the Wildlife Damage Compensation Program will allow beekeepers to recover more quickly after bear damage to their hives. Updates to the reseeding benefit compensation rate are designed to make it more reflective of current reseeding costs.
The other major change is cancellation of Satellite Yield Insurance.
“Technical issues with the acquisition of satellite data for 2023 and beyond make the continuation of this program impossible,” said CEO Darryl Kay. “Satellite Yield Insurance was only available in certain locations in the province, and we will be contacting the affected clients to discuss the cancellation of the program and review their insurance options.”
Producers who have taken this insurance in the past will be able to transition to Moisture Deficiency Insurance, which has similar coverage levels, AFSC said.
Last summer’s intense hailstorms affirmed the need to ensure hail coverage meets the needs of all producers, including market garden producers, AFSC said, so it is increasing Straight Hail Insurance maximum coverage limits.
