A provincial insurance program that helps farmers survive unforeseen financial hiccups, like unexpected price plunges for livestock and field crops, has been given a $100-million boost.
The provincial funds announced this week are to be phased in over three years, which will bring the total amount available under the Risk Management Program (RMP) to $250 million, the Ministry of Agriculture, Food and Agribusiness said this week.
Participating farmers pay premiums based on their production and how much insurance coverage they want.
The coverage increase “will provide Ontario’s farmers with added confidence and certainty at the exact time it is needed most, given growing market instability,” Ontario Federation of Agriculture president Drew Spoelstra said in a news release.