A new risk management tool for New Brunswick maple producers aims to protect them financially from production losses caused by natural perils such as extreme weather conditions.
The AgriInsurance program will allow producers to purchase protection in the form of an insurance policy.
The New Brunswick Department of Agriculture, Aquaculture and Fisheries already offers AgriInsurance programs for apples, grain, grain corn, oilseeds, potatoes, strawberries, sweet corn, fresh market vegetables and wild blueberries.
Participants in the new program will share the cost of premiums with the provincial and federal governments. AgriInsurance is a federal-provincial-producer cost-shared program that helps producers manage production and quality losses. Support for the program is provided by the governments of Canada and New Brunswick under the Sustainable Canadian Agricultural Partnership (Sustainable CAP).
The provincial and federal governments worked with the New Brunswick Maple Syrup Association to develop this program.
The $1.2 billion in farm cash receipts New Brunswick recorded in 2023 broke the previous record of $1.1 billion, set in 2022.
