Canada: New farmer credit insurance tool

Member of Parliament for Tobique-Mactaquac, TJ Harvey on behalf of Agriculture and Agri-Food Minister Lawrence MacAulay announced an investment of over $400,000 to support the Canadian Federation of Agriculture (CFA)'s efforts to introduce a new accounts receivable insurance tool.

CFA's two-year pilot project addresses a gap in the agriculture sector for individual transaction accounts receivable insurance. The insurance tool is designed to offer financial protection to farmers as they seek out new markets within Canada and abroad. The intent is to develop private sector delivered, accounts receivable insurance for up to twenty agricultural commodities in Saskatchewan and Manitoba, with longer-term plans of expanding credit insurance across Canada to provide more certainty and ensure higher profitability.

Quick facts
  • Accounts Receivable insurance is a widely-recognized insurance product that protects a business from an unforeseeable non-payment of commercial debt.
  • The project has been funded under the Growing Forward 2, AgriRisk Initiatives (ARI) which supports the research, development and implementation of new risk management tools for use in the agriculture sector.
  • Growing Forward 2 is a five-year (2013-2018) policy framework for Canada's agricultural and agri-food sector, representing a $3 billion dollar investment by federal, provincial and territorial (FPT) governments and it is the foundation for government agricultural programs and services.
Source: Government of Canada

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