Are you in need of coverage to protect your seafood crop against mortality? Aquaculturists are marine farmers. However, many of the benefits traditionally available to conventional farmers are not available to aquaculturists.
When I speak with traditional farmers regarding crop insurance, the vast majority voice their support of the programs available. They allow farmers to take risks they otherwise would not be able to assume: to draw loans for investments in new equipment, to buy or lease new fields, and even to sell their crop before it is grown.
Limited Choices
However, traditional crop mortality insurance, sponsored by the USDA and subsidized through the farm bill, is available for very few aquaculture crops. Though other crop insurance programs are in the works, coverage is still limited.
Noninsured Crop Disaster Assistance Program (NAP)
To fill this gap, we want to make you aware of the Noninsured Crop Disaster Assistance Program (NAP). NAP provides financial assistance to growers of noninsurable crops when low yields or loss of inventory occur due to natural disasters. Historically, only low levels of coverage were available through this program, paying claims when catastrophic damage occurred. However, changes to the NAP now make it operate more like traditional crop insurance where a grower can elect higher coverage levels.
As much as we would like to offer this coverage, NAP is only available through your local Farm Services Agency. Please contact them for more details. Sales closing dates vary by crop and state, but aquaculture is generally September 1st. My wife’s birthday is on the first of a month, and it always sneaks up on me. So I’m encouraging you to resist the urge to procrastinate. Contact your local FSA office today to start the process.
Valuable Links
Bankers Insurance specializes in seafood businesses and all insurance coverages related to them. Please visit our seafood insurance web page or give us a call at 757-442-6187. Not a client of ours? Let us compete for your business. Bankers Insurance not only delivers quality insurance products at competitive prices, but we provide our clients with an entire suite of tools and resources to help them manage their business more profitably. Each one of our clients is assigned a personal agent in our office, provided their email address, and given a phone number that rings right on their desk.
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