The Saskatchewan government has announced it will spend $154 million on its crop insurance program this year.
On average, coverage levels are increasing to $183 an acre, up from $162 an acre in 2014, as a result of better forecasted crop prices and increased long-term yields.
Premiums are expected to average $7.06 an acre, down from $7.47 an acre in 2014.
Several changes have been made to the program for 2015. New coverage levels of $50, $70, $85 and $100 an acre have been created, allowing producers to choose lower coverage for land that may be too wet to seed. Previously, the minimum amount of coverage available was $70 an acre.
The USA premium will now be charged on total acres normally seeded, not just acres insured through the program. In addition, the USA premium will now be separated from the crop insurance premium on the producer’s statement.
Other changes include adding hemp as an insurable crop and increasing the base grade for oats to #2CW from #3CW.
The deadline to apply for, make changes to or cancel a crop insurance contract is March 31.
