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Is your maple business investment insured?
The Maple Syrup Insurance Plan offered by the Nova Scotia Crop and Livestock Commission provides insurance against reduction of maple syrup yield resulting from insurable perils.
Insurable perils include:
Insects; excessive summer drought; below-average summer sun or heat; wind; ice; wildlife for which there is no known control; adverse weather that prevents collection; off-crop due to any adverse weather not described in other designated perils; fire; absence of cool and warm temperature cycling during the collection period; and disease.
Maple syrup insurance promotes good farm management and is a business risk management tool designed to help you protect your maple syrup production from natural hazards beyond your control. The insurance program is cost shared between you and the provincial and federal governments, reducing your insurance costs. The Insurance program is flexible and you can select your preferred coverage level of 70, 80, 85 or 90%.
How does it work?
The insurance program calculates an average insurable yield based on your history (up to 15 year production records). A claim is triggered when your production falls below the guarantee. The claim amount is determined based on your selected coverage level, unit price and actual production.
How to Participate
To insure your maple syrup production for the 2011-12 crop year you must apply before May 1, 2011. When first applying for insurance you also need to submit your production records on the Historical Records Form so the Commission can calculate your average insurable yield and premium costs. Once you are enrolled in the plan a Certificate of Insurance will be issued along with an invoice for the premium.
Reporting and claiming
You need to keep good production records. Sales receipts and other proof of production are useful (for example CFIA production logs). You should discuss your record system with a crop insurance agent. If you experience any damage during the crop year you must notify the commission within 5 days. If you suspect reduced yields while harvesting you must also notify the Commission within 5 days. Please report damage on the notice of damage form or by calling the commission office at 1-800-565-6371. You must report your yields no later than 30 days after the final harvest.
Nova Scotia Crop and Livestock
PO Box 1092
Toll Free: 1-800-565-6371
Telephone 902-679-6015 / 6028