Nursery Value Select (NVS)

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There are two separate Sales Closing Dates (SCDs) for NVS; refer to the actuarials for your state's specific SCD.

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Similar to the standard Nursery crop insurance program, insureds can apply for a new Nursery Value Select policy after the SCD, but will be subject to a 30-day waiting period before coverage will attach. However, any changes to existing Nursery Value Select policies must be completed by the SCD.

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Under a Nursery Value Select (NVS) policy, insureds can choose to insure one or both practices (field grown and container grown).

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When electing buy-up coverage, the Nursery Value Select program allows the grower to further divide basic units by practice into basic units by category/type or basic units by non-contiguous land (BL option). Whichever method the insured chooses must apply to all basic units within the practice.

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A grower is allowed to have a Nursery FG&C policy for one practice (field grower or container) and a Nursery Value Select policy for the other practice. Validation logic in the System allows Nursery FG&C and Nursery Value Select coverages on the same policy so long as one is covering the field grown practice and the other is covering the container practice. Please note that the System will still prevent users from adding other crops to a Nursery FG&C/Nursery Value Select policy.

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Written Agreements (WAs) are NOT available for Nursery Value Select policies with one exception. The one exception is the Regional Office Exception (ROE)/Written Agreement with a request type of "NY". These Written Agreements are used to send Nursery Catalogs to RMA and will be applicable under Nursery Value Select policies.

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The Nursery Value Select program allows Nursery producers to customize their coverage by designating a "Selected Value" that is used to determine the amount of insurance and subsequently premium. This value is reported on the Nursery Value Report (NVR). Insureds are permitted to revise their Selected Value upwards twice during the CY. Additional revisions and/or downward revisions are only allowed in order to correct clerical errors.

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In addition to reporting their "Selected Value", if the selected value is greater than "0", the insured must also report the Maximum Monthly Value Amount on the Monthly Unit Value Plan. The Maximum Monthly Value Amount will be the highest value by Type as reported on the MUVP.

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If the "Selected Value" is greater than "0" and the coverage level elected is "CAT (50)", the insured is also required to report a Previous Year Inventory Amount. This will be the highest inventory amount by Type from any of the previous three years.

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The Maximum Monthly Value Amount and Previous Year Inventory Amount are required to be reported in order to determine a maximum Selected Value.

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The Insured must submit the Nursery Value Report, a Monthly Unit Value Plan (MUVP), and Nursery Catalog with the application for new insureds and on or before the SCD for carryover insureds selecting a Nursery Value Select policy.

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NVS uses existing Nursery (0073) Land ID functionality.

ADMINISTRATIVE FEES

Administrative fees for NVS depend on the type of coverage the insured has elected:

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If the insured has elected buy-up coverage, the insured must pay one administrative fee for each insured plant category within each insured practice (field grown or container grown).

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If the insured has elected CAT coverage, they must pay just one administrative fee for each insured practice (field grown or container grown).

NOTE: These rules differ from administrative fees under the standard Nursery (0073) policy where growers pay one administrative fee for each insured practice, regardless of if the selected coverage is buy-up or CAT.

DIFFERENCES FROM THE NURSERY CROP INSURANCE PROGRAM

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The application and annual policy renewal process has been simplified.

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A plant list based on third-party software has been eliminated, and there is now a greater reliance on the producer’s inventory records, along with plant category naming conventions more familiar to the Nursery industry.

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Program dates have been tailored to be better suited to the agronomic and industry nursery management practices in different regions across the country.

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Allows Nursery producers to select the dollar amount of coverage that best reflects their needs.

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For buy-up coverages, producers can tailor their coverage by individual practices or by choosing from potential plant categories. Additionally, producers can elect a new option, Occurrence Loss Option (OLO), for additional premium, which moves the deductible from a unit level to a plant level.

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Administrative fees for buy-up coverages are different than those for regular Nursery policies which only require growers to pay one administrative fee for each insured practice, regardless of if the selected coverage is buy-up or CAT. For NVS policies, if the coverage elected is buy-up, the insured must pay one administrative fee for each insured plant category within each insured practice (field grown or container grown).

NVS-Specific Forms

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Nursery Value Report (NVR): This form is required to be used during acreage reporting for NVS. This form can be printed from the MPCI policy Print tab as well as from the Batch Printing menu (Tools > Batch Printing).

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Monthly Unit Value Plan (MUVP): This form is required for each basic unit on the policy and is included with the NVR. This form can be printed from the MPCI policy Print tab as well as from the Batch Printing menu (Tools > Batch Printing).

Detail Line Lockout Functionality

Agency users will be lockout out of adding/editing Nursery Value Select (1010) detail lines as follows:

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If the coverage is designated as "New" and the Application Sign Date is on or after the SCD, agency users will be locked out of creating new and editing existing detail lines when the current date is after the Application Sign Date + the offset.

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For all other coverages and coverage designated as "New" with an Application Sign Date before the SCD, agency users will be locked out of creating new and editing existing detail lines when the current date is after the SCD + the offset.

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Exception: The System will allow agency users to create new Nursery Value Select (1010) detail lines at any time so long as the detail lines is designated as a "Revised Report".

A few options/endorsements are available under the Nursery Value Select (NVS) program including:

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Basic Unit by Non-Contiguous Land (BL option)

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Hail & Fire Exclusion (HF option)

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Occurrence Loss Option Base Policy (OW option)

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Hurricane Insurance Protection (HIP)

For carryover policies, all applicable options elected by the grower must be elected on the application or change form by the SCD.

When electing the Occurrence Loss Option, the option applies to all plant categories/types within each insured practice. Meaning, all basic units within the insured practice will be insured under the Occurrence Loss Option, regardless of if basic units are established by plant category/type or by non-contiguous land.