No Fixed Amount
Type of Program:
Agricultural Insurance is a valuable business risk management tool that provides farmers with financial protection against production losses caused by natural perils, such as drought, excessive moisture, hail, frost, wind and wildlife.
Comments on Funding:
Applicants can select a plan that guarantees 60%, 70% or 80% of an average yield. Premium costs are shared between producers and the provincial and federal governments.
On a crop year basis, producers pay 40% of the total premium cost for comprehensive insurance coverage. Together, the federal and provincial governments contribute the other 60%.
Administrative costs are not included in the total premium cost; instead, administrative costs are fully funded by both levels of government.
When It Ends:
Deadlines vary according to crop
The applicant must:
Applicants must submit the completed application form specific for their crop to the NB Agricultural Insurance Commission.
Other Things to Note:
The Agricultural Insurance is part of the Canadian Agricultural Partnership.
The deadline for purchasing insurance varies according to crop. In general, perennial Agricultural Insurance is sold in the fall. All others are generally sold prior to planting.