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Insurance:  Recordkeeping Matters

May 20, 2021 7:10:10 AM

Below is a nice description of the new ELAP insurance program from the East Coast Shellfish Growers Association. Farmers will be wise to heed their advice and keep good records.  

"Qualifying for any insurance program is going to require that you do a good job documenting your inventory - This makes a strong argument for investing in some software to manage your farm so you can show planting, harvest and background mortality rates. "

[Below is the email from ECSGA.  Please join them.  They do great work for the industry.]

The USDA Farm Service Agency has added farmed shellfish - (and other food fish and bait fish used to feed food fish) to the list of farmed crops eligible for the Emergency Livestock, Honey-Bees and Farm-Raised Fish Program (ELAP). ELAP removes some of the challenging paperwork issues, raises some of the payment caps, and raises the payout ratio to 60% of your documented inventory loss for qualified losses. (90% for socially disadvantaged, limited resource, or beginning or veteran farmer or ranchers)  This is a far superior program to the FSA's Non-Insured Crop Disaster Program (NAP) - and the two programs can both be used to mitigate losses and provide indemnity from the same storm (ELAP also covers losses from earthquakes, volcanic eruptions, tidal surge, tornadoes and certain events not covered by NAP)

We would like to thank the National Aquaculture Association and especially members of the Alabama, Arkansas, Mississippi, and Texas Congressional delegations that responded to outreach by the Catfish Farmers of America, National Aquaculture Association, Texas Aquaculture Association, Redfish Farmers of America, Southern Illinois fish farmers, American Farm Bureau Federation, and Soy Aquaculture Alliance

 

Attached is a new ELAP fact sheet specific to these changes.  Note reporting requirements for application dates and for filing your crop acreage reports.  If I understand this correctly, it appears that access to the program is retroactive so if you had a significant loss in 2020 you might still be able to file a claim.

Industry leaders were invited to a webinar this morning to explain the program. We anticipate a webinar for growers to be announced shortly.

We would like to recognize and appreciate the responsive and thoughtful efforts of US Department of Agriculture Secretary Tom Vilsack, Deputy Under Secretary Gloria Montaño Greene, Farm Service Agency Administrator Zach Ducheneaux and the FSA staff. 

Note: Qualifying for any insurance program is going to require that you do a good job documenting your inventory - This makes a strong argument for investing in some software to manage your farm so you can show planting, harvest and background mortality rates.  There are several products available our newsletter.

 

Chip Terry
Written by Chip Terry

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