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New insurance-based grain program in the works

Oct. 16, 2013 - The chief commissioner of the Canadian Grain Commission says a new insurance-based program to make sure farmers get paid for grain they have delivered could be in place by early next year.

The proposed model is supposed to provide better protection at a lower cost than the current bond-based system.

The changes were proposed in the Canada Gazette, Part I on October 5th.

The proposed model would see producers receive 95 per cent coverage on the value of unpaid grain, after paying a five per cent deductible.

Farmers, farm groups and industry officials are invited to submit feedback on the proposed changes until November 4th.