Posted Apr. 04, 2017
Think about it - when someone wants to reduce the chances of getting hurt, they take the right precautions. If it’s a hockey game they are going to play, the proper equipment like padding, a helmet, and skates are put on. They spend some time practicing with their team, study the opponent, and review past plays to learn the best way forward. And finally they show up; stick in hand, prepared to give it all they got.
The AgriStability Program works in a similar way for a producer’s farm. All Programs offered by The Saskatchewan Crop Insurance Corporation (SCIC) share the same common goal--to provide risk protection to Saskatchewan’s farmers and ranchers. SCIC’s programs work together to make sure the producer is covered in case the unexpected happens. AgriStability is designed to work with Crop Insurance and Livestock Price Insurance to provide security for things like declining commodity prices or an unexpected increase in input costs.
“AgriStability reaches beyond what is included in Crop Insurance coverage to provide producers with comprehensive security for less than pennies on the dollar,” said SCIC President and CEO, Shawn Jaques.
“Programs like Crop Insurance and the Western Livestock Price Insurance Program (WLPIP) are designed to provide protection during specified portions of the production cycle, while AgriStability provides an annual level of coverage for other factors that influence the success of the farm,” remarked Jaques.
Each farm’s risk protection through AgriStability is unique because the Program uses the farm’s financial information and operational characteristics to determine coverage and benefits. Every operation has its own income and expense structure. By having coverage based on the performance of the farm, producers can be confident they are receiving coverage reflective of their operation. Producers are encouraged to contact their local Crop Insurance office to review the coverage offered through the AgriStability Program and the risk protection it can provide for their operation. Contacting the local Crop Insurance office can also help a producer understand how AgriStability can work with their Crop Insurance and/or WLPIP to make sure they have all of their bases covered.
Why sign up?
No one can predict the future. Last year for example, started out promising but excessive moisture combined with a series of unexpected weather events caused quality and production challenges for much of the province. AgriStability covers any unexpected losses incurred related to growing crops. In case of a disaster, the Program is there to help offset some of the losses like increased costs to harvest a crop.
The price of oil and the value of the Canadian dollar are a couple other examples of outside influences impacting Saskatchewan farms and ranches. The AgriStability Program is designed to protect against the volatility and unpredictability of these types of factors. In years when these factors are supportive to the farming operation, they help to build and strengthen the overall financial profile or reference margin for the farm. This creates the foundation for which the Program’s support is based. The AgriStability Program considers an entire farm operation and not just one commodity. Payments can be triggered by the combined effects of several factors, which on their own might not trigger a payment. On the other hand, one situation may offset another.
Deadline to Enrol is April 30, 2017
The initial deadline for producers to ensure they have their risk protection for the 2017 program year is April 30, 2017. Notices outlining the fees to participate were issued to most producers in February.
When reviewing the fee producers should keep in mind the cost is $4.50 for every $1,000 of reference margin covered, multiplied by 70 per cent. This works out to be $315 for every $100,000 of reference margin covered and there is a $55 administration fee. AgriStability is a low-cost option for protecting the financial foundation of the farm.
All participants are given 30 days from the date on their Enrolment/Fee Notice or until April 30, 2017, whichever is later, to pay these fees. If the annual program fee is paid after the initial deadline date, there will be a 20 per cent penalty added to the fee amount. This additional cost is explained on the Enrolment/Fee Notice and can be paid up until the final deadline of December 31, 2017.
For new producers, applying for AgriStability is as simple as calling the SCIC AgriStability Call Centre and requesting a New Participant Package. For the 2017 program year new producers must contact SCIC and request a new participant package by April 30, 2017.
Producers can also use AgConnect to review their Enrolment/Fee Notices. AgConnect is SCIC’s online application for reviewing and submitting AgriStability information. Producers who are new to AgConnect can activate their online account by contacting the AgriStability Call Centre.
For further information please contact:
Your local Crop Insurance Office;
SCIC AgriStability Call Centre, Toll-free: 1-866-270-8450;
visit www.saskcropinsurance.com; and/or
email - email@example.com