Agricultural Insurance is a valuable business risk management tool that provides farmers with financial protection against production losses caused by natural perils, such as drought, excessive moisture, hail, frost, wind and wildlife.
Agricultural Insurance is available to all New Brunswick Farmers who grow an eligible crop. Applications must be filed with this Department by established deadlines.
Insurance is currently available for apples, canola, grains, potatoes, processing carrots, sweet corn, strawberries, fresh market vegetables and wild blueberries in New Brunswick.
The governments of New Brunswick and Canada jointly contribute to all of the administrative costs for the program. Premium costs are shared between producers and the provincial and federal governments.
Premium rates are set based on an actuarial methodology. On a crop year basis, producers pay 40% of the total premium cost for comprehensive insurance coverage. Together, the federal and provincial governments contribute the other 60%. Administrative costs are not included in the total premium cost; instead, administrative costs are fully funded by both levels of government.