Production Insurance
Highlights
This program is designed for agricultural producers like you. It offers affordable and flexible insurance coverage to protect your crops from unpredictable weather events such as hail, frost, excessive rain, flooding, and drought. This means you can safeguard your farm's financial stability even in the face of adverse conditions.
Why should you apply? The program provides quick claim settlements, ensuring you receive compensation within 30 days of confirming and measuring the loss. This rapid response can help you recover swiftly and continue your operations without significant delays. Additionally, the insurance options are tailored to meet your specific operational needs, offering a variety of coverage levels for different crops.
What's in it for you? By participating, you gain peace of mind knowing that your investment is protected. The program's affordable premiums make it a cost-effective way to manage risk compared to other financing options. Plus, the ease of qualifying and the support from representatives to create a suitable insurance package means you can focus more on growing your business and less on worrying about potential losses.
Financing Details
Type of Financing: Insurance Coverage
Eligible Expenses:
- Coverage includes losses due to hail, spring frost, excessive rain, flooding, drought, and other weather-related events.
- Insurable crops include:
- Berries: blueberries, blueberry plants, cranberries, raspberries, strawberries, and strawberry plants.
- Flower bulbs: daffodil bulbs, tulip bulbs.
- Forage: grass, legumes, greenfeed, and silage corn.
- Grain: canola, wheat, barley, oats, field peas, rye, forage seed (spot loss only).
- Grapes: wine grapes, table grapes.
- Tree Fruits: apples, apricots, peaches, pears, plums, cherries.
- Vegetables: beans, beets, broccoli, Brussels sprouts, cabbage, carrots, cauliflower, fresh market corn, lettuce, onions, parsnips, peas, potatoes, rutabaga.
Use of Funds:
- Funds can be used to cover crop losses due to specified weather-related events.
- Funds cannot be used for non-insurable crops or losses not caused by the specified events.
Repayment Terms and Interest Rates:
- Not applicable, as this is an insurance coverage program, not a loan or grant.
Fees:
- No specific fees are mentioned for applying or maintaining the insurance coverage. However, it is advisable to contact a representative for detailed information on any potential costs.
Qualifications
- Must be an agricultural producer.
- Must be producing insurable crops, which include:
- Berries (blueberries, blueberry plants, cranberries, raspberries, strawberries, strawberry plants)
- Flower bulbs (daffodil bulbs, tulip bulbs)
- Forage (grass, legumes, greenfeed, silage corn)
- Grain (canola, wheat, barley, oats, field peas, rye, forage seed)
- Grapes (wine grapes, table grapes)
- Tree Fruits (apples, apricots, peaches, pears, plums, cherries)
- Vegetables (beans, beets, broccoli, Brussels sprouts, cabbage, carrots, cauliflower, fresh market corn, lettuce, onions, parsnips, peas, potatoes, rutabaga)
- Must be located in British Columbia.
Must be prepared to declare crops, land, and details of the farm operation.
Disqualifications:
- None specified.
Description
Bad weather can be a big problem for your business. If your crops get damaged by things like hail, frost, or too much rain, it can hurt your budget. This program helps you manage that risk.
You can get affordable insurance that protects your crops from disasters at a low cost. If you need to make a claim, you get your money quickly—within 30 days of confirming the loss. The insurance is flexible, allowing you to choose coverage that fits your specific needs.
You can insure a variety of crops, including berries, flower bulbs, forage, grains, grapes, tree fruits, and vegetables. Representatives will help you create an insurance package that suits your business and financial situation. This program is designed to give you peace of mind and help you recover quickly if bad weather strikes.
Program Steps
Gather Required Documentation:
- Crop details (type, area, and expected yield)
- Farm operation details
- Previous insurance records (if any)
- Financial statements
Contact a Production Insurance Representative:
- Schedule an appointment with a representative from your regional production insurance office.
Prepare Your Application:
- Complete the necessary schedules for each crop you intend to insure.
- Ensure all information is accurate and up-to-date.
Submit Your Application:
- Send the completed schedules and required documentation to the production insurance office before the application deadline.
Review and Confirm Coverage:
- Work with the insurance representative to review the proposed insurance package.
- Confirm the coverage details and make any necessary adjustments.
Pay the Premium:
- Pay the insurance premium as per the agreed terms to activate your coverage.
Renew Your Policy Annually:
- Schedule an annual appointment with your insurance representative to renew your policy.
- Update any changes in crops, land, or farm operation details.
File a Notice of Loss (NOL) if Needed:
- If you suspect crop damage, file a Notice of Loss immediately.
- Contact the production insurance office via phone, fax, email, or mail.
Inspection and Claim Settlement:
- An insurance adjustor will inspect the crop to determine the loss.
- Ensure not to alter the crop until the adjustor has completed the inspection.
- Receive the claim settlement within 30 days of loss confirmation.