Currently, RMA has three insurance programs that
would afford aquaculture producers some protection from
risk, specifically, the Cultivated Clam Crop Insurance
Pilot Program, the Adjusted Gross Revenue-Lite program
(AGR-Lite), and the Noninsured Crop Disaster Assistance
program. While neither of the two latter programs targets
aquaculture specifically, both would protect an aquaculture
producer from certain risks. For example, the AGRLite
Program is intended to protect a farm’s revenue when
faced with natural disasters or market fluctuations, while
the Noninsured Crop Disaster Assistance Program is
intended to safeguard against low-yields, loss of inventory,
or the inability to stock as a result of natural disaster.
More information, including eligibility and reporting
requirements for each of these programs, can be obtained
directly from the RMA website (www.rma.usda.gov).
Conversely, the National Risk Management Feasibility
Program for Aquaculture is a partnership between Mississippi
State University and the USDA RMA and has begun
to assess the feasibility of developing commodity insurance
for four aquaculture species groups: catfish, baitfish,
salmon, and trout. More information about the status of
this program can be found online at www.agecon.
msstate.edu/aquaculture. In addition to the USDA RMA
insurance programs that are available to aquaculture producers,
some private insurance companies (e.g., The Hartford
International Agribusiness Group, The American
Farm Bureau Insurance Services, Inc.) also provide crop
insurance that can help protect aquaculture producers
from loss. Consult with your local insurance agent to
determine what coverage is available to suit your needs.