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Agricore United Boosts Revenue Insurance Coverage
WINNIPEG - Jan 5/04 - SNS -- Agricore United increased the size of the insurance plan covering the company's revenue risks.
The new policy took effect January 1 and will cover many of its traditionally insured risks as well as enhance its existing grain volume insurance program placed on January 1, 2003.
The risk financing program will be written for an initial three-year term. The multi-year program, which carries an additional $20 million of grain volume coverage in addition to the $25 million currently in place, will provide the company with cost-effective protection from revenue reductions that may result from significant declines in industry-wide grain handling, which typically occur following drought years.
"In addition to providing coverage similar to that existing for our traditional insurance exposures, this program will further improve the stability of Agricore United’s cash flow," said Peter Cox, Chief Financial Officer.
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