The cancellation of AFSC’s Satellite Yield Insurance program is among the corporation’s changes to its insurance products for 2023.
AFSC announced on January 18 that due to technical challenges it would no longer be offering Satellite Yield Insurance, and that producers who have used this coverage in the past would be able to move easily to the comparable Moisture Deficiency Insurance program.
“Technical issues with the acquisition of satellite data for 2023 and beyond make the continuation of this program impossible,” said Darryl Kay, AFSC’s Chief Executive Officer, in a post on the corporation’s website.
“Satellite Yield Insurance was only available in certain locations in the province, and we will be contacting the affected clients to discuss the cancellation of the program and review their insurance options.”
As well, Moisture Deficiency Insurance payments will move to a monthly basis, a change that AFSC states “will put money into producers’ hands when they need it, allowing them to be proactive during dry periods and buy feed or take other immediate steps.” By offering more frequent payments, AFSC has removed the program’s early/late options.
Other product changes announced include an increase in the maximum coverage limits for Straight Hail Insurance, a greater reseeding benefit compensation rate and a new pilot project for bear predation to beehives under the Wildlife Damage Compensation Program.
“This year’s enhancements ensure our programs reflect and respond to the risks faced by producers and give them the tools to respond to those risks,” said Kay.
More information on these changes is available on the AFSC website. Any feedback about the program changes can be brought forward to your local AFSC office or ABP for further discussion.
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