Statement of Insurance
Once you have reported your seeded acres, you will be sent a Statement of Insurance listing your premium, insured crops, total number of acres, production guarantee, premium discount or surcharge and the provincial, federal and producer share of the total premium. Examine your statement carefully as it is your responsibility to report any errors or omissions immediately upon receipt.
Your premium is due upon receipt of your Statement of Insurance. Interest will start to accrue October 1. However, if your premium is paid before October 31, there will be no interest charged. Outstanding balances will have interest charged monthly. Claims will be applied to any outstanding balances. Amounts not paid by October 31 will continue to accrue interest at the beginning of each month until the account is paid in full.
The interest rate is RBC prime plus two per cent, adjusted quarterly. Any contract with premiums not paid or not having approved payment arrangements made prior to purchasing subsequent insurance will not be eligible for continued coverage and will be cancelled. Your account can be paid online, at your financial institution or at a customer service office by March 31.