Crop Insurance Premiums Rebated

Rebate cheques on crop insurance premiums are being mailed this week to Nova Scotia farmers who are enrolled in crop insurance plans.

Farmers will receive a 20 per cent reduction on crop insurance premiums as a result of the Agriculture Policy Framework (APF) agreement Nova Scotia signed with the federal government in September.

The agreement introduces a number of changes to the crop insurance program, including a new cost-sharing structure for premiums. The federal and provincial governments will pay 36 per cent and 24 per cent respectively. This results in a 20 per cent direct cost savings to producers.

"This money represents the first step in the evolution of crop insurance to the production insurance system envisioned in the APF," said Chris d'Entremont, Minister of Nova Scotia Agriculture and Fisheries. "As the production insurance model evolves, Nova Scotia's agricultural producers will see more commodities insured, benefits enhanced and a greater range of choices in program designs."

This change is retroactive to April 1, 2003, and therefore affects 2003 crop insurance premiums. The Nova Scotia Crop and Livestock Insurance Commission has begun rebating producer portions of premiums paid for the current crop year.

More than $78,000 of producer premiums are being rebated to 450 producers as per the new cost sharing arrangements under the APF Implementation Agreement.

The Nova Scotia Crop and Livestock Insurance Commission is responsible for making programs available to Nova Scotia farmers to assist in years of reduced yields, lower revenue, and losses due to insurable perils. The commission administers 14 crop insurance plans and one livestock plan. For more information call 1-800-565-6371 or visit the website at www.gov.ns.ca/nsaf/ci .