Due to the challenging growing season producers may have experienced a loss in yield, quality or both. Crop Insurance customers are reminded they have coverage for both quality losses and yield losses in their crops. Producers who think they may have a claim due to loss in quality or yield are encouraged to contact their local Crop Insurance office and register the claim before the November 15 deadline.
When producers select their Crop Insurance coverage they secure a certain production guarantee and a base grade for the crop they are producing. If the producer’s harvested production does not meet the production guarantee, base grade, or combination of both, a claim can be registered.
To determine the amount of compensation for quality loss, the Saskatchewan Crop Insurance Corporation (SCIC) uses a formula to calculate the difference between the value of the harvested production and the value of the base grade for the insured crop. The difference is known as a quality factor and is applied to the harvested production to calculate the final indemnity. The quality factors SCIC uses are based on a survey of market prices across the province for all types of crops and are set in December when the majority of the crop is harvested and grain buyers establish crop prices.
Claims for quality loss and yield loss need to be registered by November 15, 2014. If producers are not finished harvest as of November 15, they may request an extension of insurance.
To register a claim or request an extension of insurance producers can contact their local Crop Insurance office or call toll-free 1-888-935-0000. To access more information visit saskcropinsurance.com