STAT Communications Ag Market News

Alberta Expands Crop Insurance

EDMONTON - Mar 15/16 - SNS -- Alberta has changed its crop insurance program to make it more beneficial for farmers growing pulses and other crops in the province.

Under the changes, farmers can now insure yellow dry beans; while the program better reflects the fact that a significant portion of the province's field pea crop ends up in human consumption markets.

Additionally, Agriculture Financial Services Corporation’s (AFSC) AgriInsurance clients will pay an average of 6% less in multi-peril Annual Crop Insurance Program premium rates compared to 2015 levels. The reduction is based on the average of all crops in risk areas, and is related to the positive-loss experience in recent years. In certain risk areas, the premium reductions will be higher or lower than the 6% average.

Clients will also see a 14% increase in dollar coverage per acre in 2016. This increase is due to a combination of increasing spring insurance prices and yields.

A new development for the program is the decision to offer a new malt barley insurance product. This makes Alberta the first province in Canada to insure that crop.

Other changes include:

Amendments to the Annual Insurance Program to include winterkill as a designated peril for pedigreed alfalfa seed production loss insurance.

Implementing individual coverage as part of the Bee Overwintering Insurance Program.

Making organic producers eligible for production insurance. This new option will work similarly to AFSC’s standard production insurance programs.

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