Today Ontario passed the Agriculture Insurance Act, 2014 which will allow more types of agricultural products to be covered by the province's production insurance program.
Production insurance is part of a suite of business risk management programs designed to help farmers manage losses due to events beyond their control, such as weather, pests and disease. While production insurance is currently available for almost 90 commercially grown crops in Ontario, including grains, oilseeds and certain fruits and vegetables, the new legislation will expand eligibility for the production insurance program for more agricultural products.
The new legislation will help agri-food producers better manage risk, as well as encourage greater innovation, profitability and job creation in the agri-food sector. It will also help agri-food producers achieve the financial security they need to support business expansion and meet the Premier's challenge to the sector to double its growth rate and create 120,000 jobs by 2020.
Expanding the types of products eligible for production insurance and strengthening the agri-food industry is part of the government's plan to build Ontario up. The four-part plan includes investing in people's talents and skills, making the largest investment in public infrastructure in Ontario's history, creating a dynamic, innovative environment where business thrives and building a secure retirement savings plan.
Quick Facts
- The Agriculture Insurance Act, 2015 will give the province more flexibility to work with industry partners to develop potential future production insurance plans for more sectors like apiculture and pork.
- In 2013, there were more than 14,000 producers insured under Ontario’s Production Insurance program, representing more than five million acres in crop land.
- By allowing more types of products to be covered by production insurance, Ontario is fulfilling a commitment made to farmers under the Growing Forward 2 agreement in 2013.
Source: OMAFRA