Hail insurance lowest in Canada says BC government | oliver Day-to-day news

The B.C. government is recommending Okanagan tree fruit
growers include insurance for hail damage in their 2014 chance
management programs, and get advantage of the reality that B.C. premiums
are the lowest in Canada. Hail insurance presented jointly by British
Columbia and Canada is a value-efficient way for farm families to
make sure that climate hazards this kind of as hail can be managed and farm
firms can be sustained.

Spring and summer hail storms take place regularly in the Okanagan, but
the precise timing and likely regions impacted are unpredictable. To
support mitigate their risk, all industrial tree fruit growers can acquire
hail insurance with the selection of growing their coverage

throughout the year. Like any insurance policy, coverage cannot be
bought or adjusted retroactively.

The governments of British Columbia and Canada subsidize the premium
of each and every hail insurance policy in the province. A sample policy with
80% coverage for an apple crop worth $ 25,000 would consequence in $ 6,200
in producer premiums, with the governments contributing a roughly
equal sum. Though coverage for up to 100% of a crop is accessible,
several growers decide on to obtain 80% coverage as an suitable degree.

Payments to insured tree fruit growers following 2013 hail storms in
the Okanagan totalled about $ 10 million, about half of what was
initially estimated, but larger than common many years.

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