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What's New in 2010 - MASC Insurance
Average Changes to Insured Dollar Values / Probable Yields / Premium Rates
MASC has updated the 2010 dollar values, probable yields and premium rates for all crops covered by AgriInsurance. On average, insured dollar coverages are up 1% (the product of higher probable yields offset by a slight reduction in dollar values) and premium rates are down by 4%, all compared to 2009 figures.
Tame Hay Adjustments
Adjustments to the tame hay program have resulted in insured dollar coverages increasing by 6% and premium rates decreasing by 5%, on average.
Pasture Days Insurance Pilot Program Introduced
New for 2010, Pasture Days Insurance, which provides an extra measure of risk management for Manitoba livestock producers, is being introduced as a pilot program. Pasture Days Insurance provides protection against pasture production shortfall over the course of the grazing season, and pays an indemnity when a producer has to remove livestock from pasture and/or start supplemental feeding prior to the established number of days. This program replaces the previous Pasture Drought Insurance Pilot Program.
Fall Frost Pilot Program Cancelled
The Fall Frost Pilot Program has been cancelled. It has been determined that individual loss insurance is more effective than area-based insurance programs in meeting farmers’ risk management needs.
Changes to the Young Farmer Crop Plan Credit
The Young Farmer Crop Plan Credit has been changed to a one-time $300 credit on AgriInsurance premiums. Previously, a credit of $200 per year was available for up to three years. To qualify for the benefit, new entrants to AgriInsurance who are under 40 years of age must complete a crop plan that is acceptable to a MAFRI Farm Production Advisor.
Funding Changes for Excess Moisture Insurance
All producers participating in AgriInsurance will now pay $0.30 per acre, which is 40% of the total premium cost for basic Excess Moisture Insurance. This cost sharing approach is consistent with how this type of benefit is funded in other provinces under the Federal-Provincial-Territorial Growing Forward Agreement.
Reduced Coverage for Written-Off Crops
The indemnity level for grain corn, open pollinated corn, silage corn and soybeans that are not harvested has been reduced from 100% to 85% of coverage. This deduction reflects harvest costs that are not incurred by the producer, and is consistent with how potatoes and vegetable crops are handled.
Coverage Level Restrictions
Producers with a premium surcharge of 25% or more are now restricted to AgriInsurance coverage of 50% on all insurable crops.
Free Hail Insurance for Canadian Foodgrains Bank Projects
In support of this worthy humanitarian initiative, MASC will waive Hail Insurance premiums for the maximum available coverage on up to 160 acres of land for Canadian Foodgrains Bank projects.
