NAU Country is pleased to offer the Nursery Value Select (NVS) pilot program to nursery producers that want to select the dollar amount coverage that best fits their risk management needs. NVS is available in all counties where a premium rate is provided in the actuarial documents, to all persons operating nurseries that meet certain criteria.
NVS is available in select counties within the following states: Alabama, Colorado, Florida, Michigan, New Jersey, Oregon, Tennessee, Texas, and Washington.
The insured crop will be all plants within each insured practice for CAT level of coverage, and each plant category you choose to insure within each insured practice for additional levels of coverage and that:
- You have a share;
- Are grown in a nursery that receives at least 40 percent of its gross income from the wholesale marketing of nursery plants;
- Meet all the requirements for insurability;
- Are grown in an appropriate medium; and
- Are grown and sold with the root system attached.
Nursery plants may not be insurable if they:
- Are grown in containers containing two or more different genera, species, subspecies, varieties, or cultivars;
- Are any plant classified by a state or county as illegal to grow or sell in the county in which the nursery is located;
- Are grown as stock plants; or
- Are grown solely for harvest of buds, flowers, or greenery.
Your nursery must be inspected and approved as acceptable before insurance coverage can begin.
Basic units are the only unit division available for NVS. However, you may further divide your basic unit into additional basic units by using one of the following methods. You may choose only one method for all your basic units.
- Each plant category you choose to insure within an insured practice as a separate basic unit; or
- Non-contiguous land for the field grown practice (all plant categories).
For Alabama, Florida, New Jersey and Texas:
- Sales Closing/Cancellation ………. May 1
- Contract Change Date ……… January 31
- Insurance Period Begins ………… June 1
For all other pilot states:
- Sales Closing/Cancellation ……… Sept 1
- Contract Change Date ….……… April 30
- Insurance Period Begins ………….. Oct 1
Coverage Levels and Premium Subsidies
Coverage levels range from 50-75%. Crop Insurance premiums are subsidized as shown in the following table.
Causes of Loss
You are protected against the following:
- Adverse weather conditions, including wind, hurricane, and freeze. If cold protection is required for the plant category in the Special Provisions, adequate and operational cold protection measures must be in place;
- Failure of irrigation water supply, if due to an insurable cause of loss, such as drought;
- Fire, provided weeds and undergrowth are controlled; and
Plant damage or losses in value as a result of the following situations are not covered:
- Collapse or failure of buildings/structures, unless caused by an insurable cause of loss;
- Disease or insect infestation, unless effective control measures for the infestation do not exist;
- Failure of plants to grow to an expected size;
- Inadequate power supply, unless such inadequacy is a result of an insurable cause of loss; and
- Inability to market nursery products due to a stop sales order, quarantine, boycott, phytosanitary restriction on sales, or buyer refusal.
Duties in the event of damage or loss
Notify your agent within 72 hours (3 days) of your initial discovery of damage and submit a claim for indemnity no later than 60 days after the end of the insurance period.
Occurrence Loss Option
Under the additional level of coverage, you may purchase the Occurrence Loss Option (OLO) in conjunction with your NVS policy in exchange for an additional premium. If you elect the OLO, your guarantee will be calculated the same as it would otherwise be calculated under the base policy. However, the OLO allows indemnities to be paid on smaller losses if a minimum dollar value of loss is exceeded.
Contact your NAU Country Agent or Marketing Representative for additional information.