AgriInsurance
Highlights
The AgriInsurance program is designed to protect your business from the financial impacts of production losses due to natural hazards. This program offers affordable insurance protection and reinsurance to help stabilize your income. By participating, you can safeguard your business against risks like drought, flood, wind, frost, excessive rain, heat, snow, uncontrolled disease, insect infestations, and wildlife damage.
Why apply?
- Financial Stability: Receive payments when you experience a production loss.
- Cost-Sharing: The government contributes to your premiums and administrative costs, making it more affordable.
- Comprehensive Coverage: Plans cover a wide range of crops and even livestock, ensuring your entire operation is protected.
What’s in it for you?
- Peace of Mind: Know that your business is protected against uncontrollable natural events.
- Support: Benefit from a program backed by both federal and provincial governments.
- Flexibility: Each province tailors the program to meet local needs, ensuring relevant and effective coverage.
Applying is straightforward, and the program is designed to be accessible to most producers. Protect your business and ensure its long-term success with AgriInsurance.
Financing Details
Type of Financing: Insurance
Repayment Terms and Interest Rates:
- There are no repayment terms or interest rates. This is an insurance program, not a loan.
Eligible Expenses:
- Coverage is provided for production losses due to natural hazards such as:
- Drought
- Flood
- Wind
- Frost
- Excessive rain, heat, or snow
- Uncontrolled disease
- Insect infestations
- Wildlife damage
Use of Funds:
- The funds can be used to cover losses in the production of:
- Traditional crops (e.g., wheat, corn, oats, barley)
- Horticultural crops (e.g., lettuce, strawberries, carrots, eggplants)
- Bee mortality and maple syrup production (in some provinces)
- Livestock production (under specific provincial plans)
Restrictions on Use of Funds:
- The funds cannot be used for expenses unrelated to production losses caused by the specified natural hazards.
Fees:
- There are no direct fees for participating in the program. The federal and provincial governments share the cost of premiums and administrative expenses.
Qualifications
- Must be a producer in one of the participating provinces: Alberta, Manitoba, New Brunswick, Nova Scotia, or Saskatchewan.
- Must be involved in the production of eligible commodities such as traditional crops (e.g., wheat, corn, oats, barley) or horticultural crops (e.g., lettuce, strawberries, carrots, eggplants).
- Must be involved in agricultural production that may include livestock, bee mortality, or maple syrup production, depending on provincial offerings.
Must meet the eligibility criteria established at the provincial level, which may evolve as new commodities are added to the list of insurable agricultural products.
Disqualifications:
- Producers outside the participating provinces (Alberta, Manitoba, New Brunswick, Nova Scotia, Saskatchewan) may not be eligible for the reinsurance arrangement.
Description
The AgriInsurance program helps protect your business from financial losses due to natural hazards. You can receive payments if you experience production losses caused by events like drought, floods, wind, frost, excessive rain, heat, snow, uncontrolled disease, insect infestations, or wildlife.
This program is cost-shared by federal, provincial, and producer contributions, making it affordable for you. The government covers part of the premiums and administrative costs, reducing your financial burden. You only pay a portion of the total cost.
Each province offers different plans tailored to local needs. These plans cover a wide range of crops and even livestock. Traditional crops like wheat, corn, oats, and barley are included, as well as horticultural crops like lettuce, strawberries, carrots, and eggplants. Some provinces also cover bee mortality and maple syrup production.
By participating in AgriInsurance, you stabilize your income and protect your business against unpredictable losses. This support ensures your business remains resilient in the face of natural challenges.
Program Steps
Gather Required Documentation:
- Financial statements
- Business plan
- Proof of production losses
- Insurance policy details
- Identification documents
Visit Your Provincial Administration's Website:
- Find specific program details for your province.
- Download the application form.
Complete the Application Form:
- Fill out all required fields accurately.
- Provide detailed information about your business and production losses.
Attach Supporting Documents:
- Ensure all required documentation is attached to your application.
- Double-check for completeness and accuracy.
Submit the Application:
- Submit your completed application and supporting documents to the appropriate provincial administration office.
- Follow submission guidelines provided on the provincial website.
Await Confirmation:
- Wait for confirmation of receipt from the provincial administration.
- Be prepared to provide additional information if requested.
Review and Approval:
- The provincial administration will review your application.
- They may contact you for further details or clarification.
Receive Payment:
- Upon approval, you will receive payment to cover your production losses.
- Ensure you understand the terms and conditions of the payment.
