MOOSE JAW, SK – As a result of yesterday’s announcement to changes in the AgriStability program by Minister Marie-Claude Bibeau, Global Ag Risk Solutions is pleased to announce a new insurance option for farmers called AgWrap Insurance. AgWrap insurance will allow producers to purchase coverage for the uninsured voids around AgriStability at a more affordable rate than ever.
The changes announced by the Federal Agriculture Minister will change the way the AgriStability program treats insurance payouts from private insurance providers like Global Ag Risk Solutions.
“Anything you’ve received from a claim with Global Ag Risk Solutions claims formerly counted against your AgriStability claim.” Said Grant Kosior, CEO of Global Ag Risk Solutions. “Now that the government has excluded private insurance payments from the revenue calculation, we are able to cover the void that AgriStability doesn’t.”
AgWrap Insurance will blanket around the AgriStability program in much the same way as our Full PCI coverage, insuring farmers for 100% of their applied input costs plus a percentage of gross margin above that. Producers will be able to purchase the same level of coverage that they have been offered previously, but with a premium reduced by 40% or more. This new addition to our suite of insurance options will operate completely independent of all government programs.
As with all our products, producers’ pricing and coverage amounts are based on their farm financials. In order to understand how this new program would work on your farm, we recommend producers talk to their local Global Ag Risk Solutions representative.
This new program will not change our existing suite of products in any way, and purchasing AgriStability is not a requirement for any of our products. Producers that do not wish to use the AgWrap and AgriStability programs will be able to purchase any of our traditional programs with no interruption or change.
“We appreciate the government’s insight, specifically the leadership of Minister Bibeau and Minister Marit, into a challenging problem that farmers face each year. These changes will positively affect our growers’ bottom lines with lower costs & higher revenues.” concludes Grant.