premium
n. countable C1 Advanced Oxford US //ˈpɹimiəm// UK //pɹˈiːmiəm// pre·mi·um
n. an extra amount of money you pay for something special or better. It is also the regular payment you make to an insurance company.
n. an amount of money paid above a standard price or value; alternatively, the periodic payment made to an insurance provider for a policy.
You must pay a premium for organic vegetables.
The insurance company raised her monthly premium after she filed a claim for the car accident.
In a competitive market, consumers are often willing to pay a significant premium for brands that demonstrate a commitment to ethical sourcing and environmental sustainability.
From Latin praemium (“prize”).
Usage
Often used in the phrase 'at a premium' to indicate that something is expensive or in short supply.