REGINA — Saskatchewan is increasing crop insurance coverage to its second-highest level ever, with hemp added to its list of insurable crops.
On average, coverage levels are increasing to $183 per acre, up from $162 per acre in 2014. Premiums are going down to an average of $7.06 per acre from $7.47 in 2014.
As well, the province’s crop insurance corporation will separate out the premium on unseeded acreage so producers get a clearer idea of what they’re paying for.
Announcing the changes, Agriculture Minister Lyle Stewart said he’s confident the Saskatchewan Crop Insurance Corp. was charging the right amount, but added, “we were unsure we were getting it from the right people.”
As a result, about 80 of producers insuring unseeded acres will see premiums fall.
Stewart said the addition of hemp reflects its growth — from just over 25,000 seeded acres in 2013 to over 40,000 last summer — and noted that other crops’ coverage has been successfully launched on even smaller areas.
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