AgriStability and Insurance Risk Management Overview for Ontario Producers
AgriStability and Insurance Risk Management Overview for Ontario Producers
Even in the best of times, farming is a risky business with exposures in various areas including people, finance, markets, management, business environment and production. This overview shows various perils covered by different types of farm insurance.
AgriStability and Insurance Risk Management
Even in the best of times, farming is a risky business with exposures in various areas including people, finance, markets, management, business environment and production. With multiple risks to consider and various insurance programs to cover them, it can be a challenge to determine the best course of action for your farm’s annual insurance risk management strategy.
Farm Business Risk Management Overview (Ontario)
| Risks | AgriStability | Crop Insurance | RMP |
|---|---|---|---|
| 1 Coverage Type | Whole Farm | Individual crop | Individual commodity |
| Crop Yield Loss (field perils)\ | Yes | Yes | No |
| Livestock Disease and Mortality | Yes | No | No |
| Crop Post-harvest Perils (non-field perils) | Yes | No | No |
| 2 Price Loss | Yes | No | Yes |
| 3 Increased Input Costs | Yes | No | Yes |
| Advance Payments Program Eligible | Yes | Yes | No |
| Relative Timing Of Cash Flow After Loss | 4 Typically, <6 months from time of application | Immediate after-loss is known and claim is filed and adjudicated | Crops: Pre-harvest payment in November; post-harvest payment and final settlement in May / June the following year. Livestock: Quarterly payments, final settlement in following May / June |
How MNP Can Help
MNP has developed an AgriStability payment calculator that allows us to track and support all calculations for each submission. Most importantly, this tool allows us to provide estimates of the expected payments to you. These payment estimates have proven invaluable as a means of comparison to the final calculations provided by Agricorp on the Payment Statement.
Contact your local Business Advisor or Farm Management Consultant to enroll if you have never participated or previously opted out of the AgriStability program.
Insights
-
Confidence
July 02, 2024
Five things you need to know as a newly self-employed professional
As you transition to a self-employed professional, it’s critical to understand how to manage your money to achieve long-term financial well-being.
-
Agility
June 27, 2024
What are the fundamentals of a strong cybersecurity incident response plan?
The four fundamentals of a strong cybersecurity incident response plan can help minimize harm.
-
Progress
June 25, 2024
The power of trust: Why trusting your employees matters
By trusting employees from the start, you can create a positive work environment that boosts confidence, motivation, and commitment.
