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John Shea, 202-690-0437

RMA RELEASES GRP-OYSTERS

WASHINGTON, Feb 27, 2009 - Risk Management Agency (RMA) today released the Group Risk Plan (GRP) for Oysters, a privately owned 508(h) insurance program. The Federal Crop Insurance Corporation Board of Directors approved the GRP-Oysters plan of insurance on Nov 20, 2008.

GRP-Oysters program is designed to provide insurance protection comparable to other Federally reinsured group risk plans of insurance, and will be available in select counties in Louisiana.

The GRP-Oysters features include:

  • Only oysters harvested from private basins are insurable;
  • Catastrophic coverage is available; and
  • Production and price data are determined using Louisiana Department of Wildlife and Fisheries data.

Sales closing date for the GRP oysters program will be Apr 30, 2009.

For more information about GRP-Oysters, please see the RMA Web site at: http://www.rma.usda.gov/policies/2009policy.html