USDA Expands Insurance Option for Nursery Growers to All States
The U.S. Department of Agriculture (USDA) is expanding crop insurance tailored for nursery producers to all counties in all states. Nursery Value Select (NVS) is a pilot program that enables nursery producers to select the dollar amount of coverage that best fits their risk management needs. Its expansion is part of USDA’s Risk Management Agency (RMA) efforts to provide insurance options for a broader group of producers, including specialty crop producers.
Review the full press release HERE.
USDA Expands Insurance Option for Nursery Growers to All States
WASHINGTON, Feb. 27, 2024 — The U.S. Department of Agriculture (USDA) is expanding crop insurance tailored for nursery producers to all counties in all states. Nursery Value Select (NVS) is a pilot program that enables nursery producers to select the dollar amount of coverage that best fits their risk management needs. Its expansion is part of USDA’s Risk Management Agency (RMA) efforts to provide insurance options for a broader group of producers, including specialty crop producers.
“Risk Management Agency is excited to expand Nursery Value Select so nursery producers in all states have an opportunity to purchase nursery crop insurance,” said RMA Administrator Marcia Bunger. “This insurance option meets a critical need of American nursery producers.”
NVS provides similar but improved coverage to the longstanding Nursery Field Grown and Container (FG&C) program. NVS also covers field grown and containerized nursery plants and offers coverage levels between catastrophic and 75 percent.
Prior to this expansion, NVS was only available in select counties in these states: Alabama, Colorado, Florida, Michigan, New Jersey, Oregon, Tennessee, Texas, and Washington. Beginning with the 2025 crop year, NVS will now be available in all counties in all states. The sales closing date for the 2025 crop year is May 1, 2024, or September 1, 2024, as provided in the actuarial documents.
NVS was first available in the 2021 crop year, and producers insured more than $460 million in liabilities in crop year 2023.
Original publish date: February 27, 2024 | USDA Expands Insurance Option for Nursery Growers to All States | Source: https://www.rma.usda.gov/News-Room/Press/Press-Releases/2024-News/USDA-Expands-Insurance-Option-for-Nursery-Growers-to-All-States
Additional Resources: