Manitoba ranchers will be able to buy hay insurance starting next year.
Late Monday, the provincial and federal governments unveiled a new insurance program for Manitoba forage growers.
“It’s certainly something our members have been asking for, and it appears MASC (Manitoba’s crop insurer) has responded to most of their requests in creating this revolutionary program,” said Keystone Agricultural Producers president Doug Chorney.
“It means that producers in this province will now have a good risk management tool for both forage crops and pastures.”
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A Manitoba government news release announcing the hay insurance program said it should encourage farmers to protect their feed supplies, thus “reducing the need for future assistance programs.”
For the 2014 crop, farmers will have the option of buying two forms of hay insurance.
One, called Select Hay Insurance, offers production and quality coverage for specific hay types. The other is known as Basic Hay Insurance, where the program covers all acres of tame hay and coverage is based on 80 percent of long-term average yields.
“Beef producers have been calling for reforms to forage insurance for some time, these changes are positive, and they will put new and effective risk management tools into ranchers’ hands,” said Manitoba Beef Producers president Trevor Atchison.
Premiums for the new program will be shared, with producers covering 40 percent, the federal government 36 percent and the province 24 percent.
Deadline to sign up for the program is March 31.
