| ||Six new enhancements to the Agriculture Financial Services Corporation’s (AFSC) AgriInsurance programs will benefit crop and bee producers across the province. The developments include a new malt barley insurance product, the first of its kind in Canada.
“We are proud to be the first province in Canada to provide insurance coverage for a malting end-use to growers with malt barley contracts, as well as provide additional improvements to support bee and crop producers,” says Honourable Oneil Carlier, Minister of Alberta Agriculture and Forestry. “Alberta producers have asked for these changes, and we have listened to their request. They work hard to put food on our tables, and we have to ensure that they get the support they need through insurance programs.”
AgriInsurance’s production insurance programs, which are part of the Growing Forward 2 initiative, help to mitigate the financial impacts of production losses by providing affordable insurance protection to producers. “AgriInsurance provides the flexibility for provinces to develop the products that respond to the specific needs of their producers. These enhancements provide additional protection for producers to manage the risks they face,” says Honourable Lawrence MacAulay, Minister of Agriculture and Agri-Food Canada.
AFSC, the Government of Alberta, the Government of Canada, and various producer groups worked together to make the enhancements based on producer feedback. “AFSC is proud to have worked with various producer groups, including the Alberta Alfalfa Seed Commission, the Alberta Beekeepers Commission, Organic Alberta, the Alberta Barley Commission, and the Alberta Pulse Growers Commission to make these much-needed improvements a reality,” says Brad Klak, President and Managing Director of AFSC. “Enhancements like these demonstrate Alberta's commitment to providing comprehensive agriculture insurance programs to its producers.”
Highlights of the other five program enhancements 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.
- Continued changes to field pea insurance as the crop shifts to an edible end-use.
- The creation of a distinct category for yellow dry beans.
Additionally, AFSC clients will pay an average of six per cent 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 six per cent average.
Clients will also see a 14 per cent increase in dollar coverage per acre in 2016. This increase is due to a combination of increasing spring insurance prices and yields.
For more information about these program changes, call 1-877-899-2372, or visit www.afsc.ca.