Longman Dictionary of Contemporary English - premium

~ n 1 the cost of insurance, especially the amount to pay each year  (Insurance premiums are set to rise again | the annual premium) 2 especially AmE high­octane (=good quality petrol) 3 premium quality very high quality  (premium quality British potatoes) 4 an additional amount of money, above a standard rate or amount  (Farmers are being offered a premium for organically grown vegetables. | premium payments for weekend work) 5 at a premium a) if something is at a premium, there is little of it available or it is difficult to get  (Foldaway furniture is the answer where space is at a premium.) b) if something is sold at a premium, it is sold at a higher price than usual 6 put/place a premium on to consider one quality as being much more important than others  (The new management puts a premium on efficiency.) 7 premium prices prices that are higher than usual, especially because there is not much of something available