ANNOUNCEMENTS

Crop Insurance for Massachusetts Aquaculture Producers

Over the past decade, aquaculture has solidified its position as a vital part of American agriculture.  Increasing consumer demand for high quality aquaculture products indicates a bright future for the Massachusetts aquaculture industry.  The United States Department of Agriculture and its Risk Management Agency (RMA) are very aware of the growing importance of the aquaculture industry, and RMA is working to provide programs and tools to help aquaculture producers manage risk.

RMA currently offers two crop insurance programs for Massachusetts aquaculture producers.  The first program was specifically developed for cultured clam producers, and the second program covers producers of all agriculture commodities including aquaculture species.  Crop insurance products are underwritten and regulated by RMA and sold through private companies and agents.  A complete listing of crop insurance agents can be obtained at local Farm Service Agency offices or online at www.rma.usda.gov.

RMA’s Cultivated Clam Pilot Crop Insurance Program offers coverage for all cultured clams 10mm and larger in size that meet all the other requirements for insurability.  The list of requirements for insurability can be found on the RMA website (www.rma.usda.gov) or by contacting a crop insurance agent.  The policy covers losses that occur because of decrease in salinity, disease, freeze, hurricane, ice floe, oxygen depletion, storm surge, and tidal wave.  The Sales Closing Date for this product is November 30, and the program is available to producers in Barnstable, Bristol, Dukes, Nantucket and Plymouth counties.

The Adjusted Gross Revenue-Lite (AGR-Lite) policy is a whole-farm revenue protection plan of insurance.  Most aquaculture species raised in a control environment are eligible for coverage under this policy.  To determine if your aquaculture species is covered under this policy, please contact a crop insurance agent.  AGR-Lite coverage is based on a producer’s five-year historical farm average revenue as reported on the Internal Revenue Service (IRS) Schedule F (or equivalent) form and annual farm report.  AGR-Lite provides insurance against loss of revenue due to any unavoidable natural occurrences during the current or previous crop year or due to market fluctuations that cause a loss of revenue during the current crop year.  AGR-Lite is available in all Massachusetts counties and has a Sales Closing Date of March 15, 2008.