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Coverage Levels and Unit Prices for Insurable Crops Regulations made under Section 6 of the
Crop and Livestock Insurance Act
R.S.N.S. 1989, c. 113
O.I.C. 2005-86 (February 25, 2005, effective February 1, 2005), N.S. Reg. 27/2005
1 These regulations may be cited as the Coverage Levels and Unit Prices for Insurable Crops Regulations.
2 In these regulations
(a) "average insurable yield" means the potential production of an insured personís crop as defined in the insurance plan;
(b) "coverage level" means the percentage of the long-term average yield of an insured crop that is guaranteed under a contract of insurance;
(c) "long-term average yield" means either the probable yield or the average insurable yield, as calculated by the Commission based on the circumstances specific to the plan;
(d) "probable yield" means the potential production of an insured personís crop as defined in the insurance plan;
(e) "unit price" means the price per unit of production of an insurable crop that is used to determine the value of an insured crop for the purpose of determining the amount of premium payable and calculating an indemnity.
Coverage levels set by Commission
3 (1) The Commission may set coverage levels for an insurable crop at any percentage of the long-term average yield of the insurable crop up to a maximum of 90% of the long-term average yield.
(2) The Commission must determine maximum coverage levels by a method that relates the coverage levels to a statistical assessment of risk for the insurable crop.
Maximum unit price options
4 The Commission must determine maximum price options for an insurable crop based on
(a) a market price method that reflects estimated or actual farmgate values of the crop produced or replacement values of the crop produced, as described in Section 5; or
(b) a cost of production method that uses standard accounting procedures and recommended agronomic practices, as described in Section 6.
Market price of units
5 A market price method for determining the maximum unit price options must be based on either the average of grades produced in the Province or a predominant grade produced in the Province and any or all of
(a) farmgate prices paid or payable to producers;
(b) payments or expected payments under federal, provincial or federal-provincial price support programs;
(c) forecast prices;
(d) an average of prices from previous years;
(e) actual prices.
Cost of production method
6 (1) A cost of production method for determining maximum unit price options must be based on input levels and appropriate production levels for those practices and inputs that are recommended for producing a crop.
(2) A cost of production method must not include any cost incurred in the marketing and storage of a crop.