Farmers are starting to consider a relatively new type of revenue-based insurance for their operation as an alternative to yield-based policies.
Ryan Baumann (BOH-man) with Global Ag Risk Solutions says their revenue-based insurance takes a farmers' cash flow against what their actual yield would be, and they can choose whether to cover a portion or all of their fixed costs, while covering other variable input costs on top of that.
He adds they have been providing this type of insurance for the last six years and have seen an increase in uptake over that time.
"We insured two million acres in Western Canada last year. It's that we will above that this," he said. "We're hoping to be 2.5 to 4 million acres this year."
Source : Discoverestevan