April 30 is the deadline for Alberta farmers to apply for crop insurance through Agriculture Financial Services Corp.
A number of options are available, including a spring price endorsement rider that compensates farmers if prices drop 10 to 50 percent between spring and fall on harvested crops.
A variable price benefit insures farmers at the higher price if their crop fails and grain prices climb higher by 10 to 50 percent. This benefit paid out nearly $108 million in 2012, according to an Alberta Agriculture news release.
It said most farmers who enroll in crop insurance take the highest level, which insures 70 to 80 percent of their average crop yield. Most also take the hail endorsement rider.
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AFSC provincial insurance manager Lorelei Hulston said farmers should declare all acres they intend to seed when filling out insurance forms, even if they do not intend to insure all acres. The declaration makes them eligible for the unseeded acreage and reseeding benefits if their fields are flooded.
Those wishing to defer claim payments until the next calendar year should also notify AFSC as soon as possible. Once claim cheques are issued, payments cannot be deferred.
Nearly $532 million was paid out through Alberta crop insurance last year. Hail, severe wind, heat stress, sclerotinia and aster yellows were the main culprits in triggering payments.
Provincial crop market analyst Charlie Pearson said high prices tend to foster wild price swings so farmers might consider locking in some prices through crop insurance options.
More information is available via the AFSC at 877-899-2372.
