It takes more than a green thumb to operate a successful nursery business. The nursery industry depends on weather patterns, market prices, and other seasonal changes. Severe weather such as hail, flooding, and freezing temperatures can destroy your plants. Supply and demand in the marketplace drive prices for plants, flowers, and trees. Nursery growers are not at the mercy of these unpredictable circumstances, however. There are crop insurance solutions to protect their investment.
Nursery crop insurance is divided into two main coverage plans: Catastrophic risk protection and buy-up coverage. Catastrophic risk protection (CAT) keeps your investment secure in the event of a disastrous event. With CAT policies you get 50 percent coverage at 55 percent of the price.
Buy-up coverage policies allow you to insure your nursery by the share or by plant type. Buy-up offers 50 to 75 percent coverage with 100 percent of the nursery price or government price, depending on whichever price is lower. If you insure your plant based on share, different kinds of plants are grouped together and insured at a single level of coverage. If you get crop insurance protection based on plant type, plants are insured at individual levels of coverage.
A Peak Inventory Endorsement is ideal for nursery growers whose inventory fluctuates throughout the year. This policy is flexible so growers can adjust coverage based on higher levels of inventory.
Line-Out Stock Plant Endorsement policies offer protection for the difference in value between the market price and the price allowed under the Nursery Crop Provisions.
A Nursery Grower’s Price Endorsement is a policy that permits higher inventory values on your Plant Inventory Value Report (PIVR). This helps you reach your maximum wholesale price, which may be higher than the value on the eligible plant price schedule.
There are two types of insurable plants. Nurseries can buy crop insurance on field-grown plants and container-grown plants. Field-grown plants include evergreen trees, deciduous trees, fruit trees, roses and other types of foliage. These plants can also be classified as container-grown plants, depending on how they are cultivated. Other container-grown plants include annuals and herbaceous perennials.
To qualify for nursery crop insurance, the plants you are raising must be on the eligible plant list at www.rma.usda.gov. Over half of your nursery’s gross income must come from wholesale sales and you must follow the production practices established for your plant. The qualifications for nursery crop insurance can seem confusing, but the experts at Crop Insurance Solutions are here to help you get the best coverage for your nursery at the best price.
Growers aren’t always aware of the value crop insurance policies bring to their nursery. You may have been operating for years without protecting your investment. Nursery crop insurance is designed specifically to benefit flower and plant producers. The right policy offers nursery growers a level of security and comfort that many have never had. At Crop Insurance Solutions, we put you, the growers and producers of America, first. Each policy is adjusted to your unique nursery operation. You will be protected from losses with flexible coverage at affordable prices. Timely information from crop insurance experts will help your investment grow as well as your greenery.
Milford, Nebraska 68405