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Insurance and Income Protection Solutions: 2017 Spring Flooding

FADQ offers various insurance and income protection programs to support farming operations in addressing the risks inherent in agriculture.

The combination of these programs ensures comprehensive, overall protection.

Québec’s agriculture ministry (MAPAQ) is working together with FADQ and the public security ministry (MSP) to make it easier to track the files of operations affected by recent flooding.

Contact us at 1 800 749-3646 if you have been affected by flooding. If need be, we can track files at MAPAQ and the MSP.

Crop Insurance

Crop insurance is a program that protects crops against the risks associated with adverse weather conditions and uncontrollable natural phenomena. This program offers individual and collective coverage.

Individual coverage

When natural phenomena affect an insured crop, participants must notify FADQ. The damage is then appraised. Compensation paid will correspond to the actual loss, according to the benefit option.

Emergency measures

Emergency measures eligible for compensation include those required to prevent or mitigate a drop in yield. They are often, although not exclusively, associated with reseeding or replanting operations.

Extra coverage

If seeding and planting could not be carried out on time due to a risk that is covered, such as flooding, extra coverage may apply. A lump sum, compensation for inputs used and costs incurred for farming operations may then be paid.

Collective coverage

Collective crop insurance offers protection against yield and quality loss, appraised for the entire zone where the participant’s insured units are located. It is usually not necessary for participants to send a notice of damage to receive compensation.

Spot loss risks

Participants are also entitled to compensation for spot loss risks when a drop in yield is caused by the harmful occurrence of a natural element, including flooding, providing the natural element is an exceptional event. Note that all participants must produce a notice of damage when their insured crops are damaged due to a spot loss risk so that FADQ can make an individual appraisal.

AgriStability

AgriStability is the program that protects a farming operation’s overall income against market risks and natural disasters. This program, based on individual financial information, allows operations to stabilize their income in the event of a decline in their production margin. A production margin decline of over 30% in relation to the reference margin will be offset by a program payment (up to 70%).

Interim payment

It is possible to request an interim payment corresponding to 50% of the final amount calculated, subject to certain conditions. An interim payment makes it possible to receive program payments more quickly, without having to wait until the end of the fiscal period.

In the event of a disaster affecting productive units, the file is handled by taking into account unseeded areas in order to offset the negative impact on the reference margin.

Agri-Québec Plus

Agri-Québec Plus offers complementary financial support to Québec farming operations that participate in the AgriStability program and have an annual income of under $50,000. The coverage corresponds to 85% of the reference margin.

AgriInvest and Agri-Québec

AgriInvest and Agri-Québec are individual programs that allow farming operations to make an annual deposit into an account and receive matching government contributions. Amounts deposited then become a reserve to help operations better manage their risks.

Participating operations may use the available funds at any time to mitigate a loss in income.