Alberta farmer’s claim worth over $350k
With 2016 just underway, the first Production Cost Insurance claim of 2015 has been paid out. The claimant farmer, based in the Peace River region of Alberta, has (approximately) 5,000 acres of canola and 4,000 acres of wheat. In 2015, drought conditions were widespread across much of Western Canada and unfortunately for our Peace River farmer, his crop was affected.
“When you’ve done everything you can for your crop, but it still doesn’t work out, that can be very disheartening,” explains Grant Kosior, President and CEO. “That’s when you need a crop insurance product that really meets your needs.”
With the support of Global Ag Risk Solutions and Production Cost Insurance, this Alberta farmer is covered for everything he put in the ground. Strong communication with the farmer’s accountant and Global Ag Risk Solutions meant he was able to receive 60% of the anticipated claim initially, with the difference paid after the year-end and sale of the crop.
The farmer supplied Global Ag Risk Solutions with accurate book keeping and records promptly, making the claim process even smoother. With his $100 enhanced coverage, plus coverage for every penny he spent on seed, fertilizer, and chemicals, his interim payment is over $150k – and it’s already been paid. The total claim is over $350k. The average claim payment in 2014, at Global Ag Risk Solutions, was approximately $170k – making this a larger than average claim, but not the highest for 2015.
“We anticipate payouts of over $12 million to producers this year,” says Kosior. “As the company continues to grow we’ll continue adding skilled people and new systems to support claims, and refine processes. With the recent hire of our new Risk Manager, David Ablass, we can further support you and improve our speed and expertise. “
With Global Ag Risk Solutions, you’re not just getting a small-town insurer. You’re getting the Managing General Agent (MGA) for Northbridge General Insurance Corporation, a 100% Canadian-owned commercial property and casualty insurance management company. Northbridge is supported by 12 reinsurers from around the world – with many also reinsuring Alberta, Saskatchewan and Manitoba crop insurance.