Lethbridge Herald, The (Newspaper) - April 27, 1972, Lethbridge, Alberta
Thursday, April 37, 1972 THE LETHBRIDGE HERALD _ 17 New crop insurance gives wider protection A number of important changes have been made; in Ihe crop iiLsurniico program for 1972 which will give fanners a wider range of in or- der to cover their operating casts. Until tills year farmers could insure nl only the one price level for each crop, but in 1972 the following per bushel price options are available: Si, and barley and 00; and flax'sced and rnpcsccd and Also this year, farmers will be able to ctioosc bchvecn cov- erage based on GO or 70 cent of the long-term average yields. The 70 per cent level, added this year to replace an 00 per cent option which has Irten dropped, is expected to appeal to many policy holders because of its much lower cost. With these options available a farmer may increase Ills pro- tccUon by choosing tlic highest level of coverage and Hie lop price option. If lie wishes mini- mum coverage at the lowest cost lie may choose the lower level of coverage and the lowest value. In this way he can tailor his insurance to moct his particu- lar requii'emunls. Policyholders can make their selections by signing an Elec- tion of Coverage and Insured Value form not later than April 30. Those who do not make nn election for 1072 will be insured at the GO per cent level of cov- erage and at (be following basic values: wheat .-15; harley flaxseed and Anothcr important change Ihis year is the introduction of a coverage bonus for those pol- icyholdcrs with a loss-free ex- perience. The bonus can amount to as much as 15 per cent for those who have been Insured (or five or move years without a loss. Farmers with three or more losses in the past six years will be subject to a coverage rcduc- U.S. plan destined for failure A wheat acreage reduction plan introduced by the United States government in mid-Jan- uary is destined for failure be- cause of a lack of farmer in- terest and participation, accor- ding to a Washington state of- ficial. Albin, executive direc- tor ol HID Spokane County Ag- ri cultural Stabilization ami Conservation Service, said ho has received a slate wide re- port on Hie program indicating only 344 Washington farms out of a possible liflve signed up for the program. The lack of participation is expected to compoirrul an al- ready serious surplus problem in the Pacific Northwest where more than 120 mill ton bushels of wheat arc stockpiled be- cause of overproduction in 197J, In addition, there Is a real inability to export because of problems associated with the Pacific coast dock slrikc. AgriculUir.il officials have estimated that if there was si rong support for I he pro- grain, and if 1972 was an aver- age production year, farmers would avoid growing only nlxnit 23 million bushels of wheat which would be consi- dered surplus. tion. This Coverage Adjustment Plan is intended lo bring the protection afforded the indivi- dual policy-holder in line with bis actual production experi- ence. All-Risk Crop Insurance is a program of the provinci.nl gov- ernment jointly financed with the federal government. The objective Is to provide fanners with low-cost protec- tion against serious loss result- ing from any of the natural hazards over which farmers have no control. The deadline for new appli- cations this year is also April 30 and farmers interested in protecting the investment need- ed to grow their crops arc en- couraged lo sec their local crop Insurance agent prior to that dale. Last year, the policy- holders in Alberta insured crops to n. value of and re- ceived indemnities amounting to nearly Hail in cen- tral and northern regions and excessive moisture in the north were the major causes of loss lasl year. Since its inception in 1HC5, the Corporation lias paid out nearly in losses while pre- miums paid by fanners luwt> totalled On the average nearly have been paid in losses for each that farmers have paid included, premiums have total- led for an overall loss-to-prcmium ratio of 07 per in premiums. When the federal contribution toward premium is cent since J9GS. KOLLEGE KOIN LAUNDROMAT COLLEGE MALI NEXT TO 5P1C SPAN Welcome to Farmers and Ranchers WASH WHILE YOU SHOP Attendant available for professional help Phone 328-2508 DEPENDABLE MAYTAG WASHERS AND EXTRACTORS "Bring In Those Farm Soiled dollies" DUNLOP SPEgtALIST Wonderful WHITEWALL SALE! BuyWhitewallsat regular blackwall prices increase your car's value without spending extra money! 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