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About the Program
Ontario's Risk Management Program (RMP) helps farmers manage risks beyond their control, like fluctuating costs and market prices. RMP for livestock was designed in consultation with representatives of the cattle, hog, sheep and veal industry in Ontario. RMP for livestock works like insurance to help Ontario farmers offset losses caused by fluctuating commodity prices and production costs. Participants pay premiums based on their insured production and their chosen coverage level.
Program payments are made if the market prices for sold livestock fall below your support level, which is based on the industry average cost of producing livestock (target price) and the level of coverage you choose. You can choose a coverage level of 80, 90, 95 or 100 per cent.
Payments reflect available funding. An interim payment rate is used to make sure every single producer has equal access to the funding, whether they trigger a payment at the beginning or end of the program year. The interim payment is based on market prices, support levels at the traditional provincial share of 40 per cent and available RMP funding. The RMP fund includes premium dollars and government funding.
RMP payments are issued for your sold cattle when the average market price falls below your support level during a payment calculation period. They are based on the difference between the support level and the average market price. In each category, the average market price, support level and payments are calculated separately. Payment schedules also differ by category.
An overview of the Risk Management Insurance Program for cattle can be found on the Agricorp website by clicking here. If you have further questions about the program, please contact Agricorp at 1.888.247.4999 or the Beef Farmers of Ontario (BFO) office at 1.866.370.2333.
You can also learn more by checking out this webinar, conducted in partnership with BFO and Agricorp, by clicking here. This webinar shares information about the program as well as how you can implement on your operation.
Background
Announced in the 2011 budget as a permanent program, Ontario's Risk Management Insurance Program (RMP) helps farmers manage risks beyond their control, like fluctuating costs and market prices. The program is available for the cattle, edible horticulture, grains and oilseed, hog, sheep and veal sectors. RMP complements AgriStability and Production Insurance. AgriStability was designed to stabilize whole farm income and production insurance was created to mitigate production loss. RMP is comprised of three major components: an RMP program for Livestock; RMP for Grains and Oilseeds, and a Self Directed Risk Management Program (SDRM) for the edible horticulture sector. All three program components were created after extensive consultation with the sectors involved.
This permanent risk management insurance program provides our farmers the tools they need to sustain their operations so they can continue to provide high quality, locally grown food to Ontario consumers.