Agricultural Insurance

Amount:

no fixed amount

Type:

Insurance

Description:

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.

Deadline:

Rolling deadline

Eligibility:

Applicants must:
1. be New Brunswick farmers,
2. grow an eligible crop. Insurance is currently available for apples, grains, grain corn, oilseeds, pulse crops, potatoes, sweet corn, strawberries, fresh market vegetables and wild blueberries in New Brunswick.

Application Steps:

Applicants must submit the completed application form specific for their crop to the NB Agricultural Insurance Commission.

Documentation Needed:

No specific documentation has been identified.

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.

Maurice

About the author

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Canada to identify and maximize funding to grow their business.

Sweet Success: How to Start a Home Baking Business in Ontario

Tips on How To Start A Bed And Breakfast In Ontario

Why Start Business in Toronto: A Guide to Canada’s Economic Hub

How To Start Immigration Business In Canada: An Overview

How to Start a Lending Business in Canada: Your Roadmap to Success

How to Get Money to Start a Business in Canada: Proven Ways

Bridging Borders: How to Start a Money Transfer Business in Canada

How To Start A Business In Toronto With No Money

How to Start a Business in Ontario: Your Guide to Winning Big

Breaking Down the Cost of Starting a Business in Toronto