Nursery Value Select (NVS)
Nursery Value Select (NVS) is a pilot program that allows nursery producers to select the dollar amount of coverage that best fits their risk management needs. NVS, which is an asset-based form of insurance, covers damage due, but not limited to the following: adverse weather conditions; fire, provided weeds and undergrowth near the insured plants or the buildings in which the insured plants are grown are controlled by chemical or mechanical means; and wildlife. You can find a complete list of insurable damages within the Crop Provisions. NVS is available in all states and counties.
Benefits of the Nursery Value Select program include:
- A simple application and annual policy renewal process.
- Allows nursery producers to select the dollar amount of coverage that best fits their risk management needs.
- Can utilize coverage tailored by individual practice (container or field grown); and for additional levels of coverage, coverage tailored by any of 10 potential plant categories.
- A simplified loss adjustment process that uses a more accurate approach to determining plant values by placing greater reliance on the nursery producer’s actual sales receipts, along with increased producer participation in determining damaged plants’ ability to be marketed or rehabilitated.
- Relies more on the producer’s inventory records, along with plant category naming conventions more familiar to the nursery industry.
- Tailored program dates, including two sales closing dates of May 1 (Gulf Coast, East Coast, and West Virginia) or September 1 (all other states) that are better suited to the agronomic and industry nursery management practices in different regions across the country.
- An Occurrence Loss Option (OLO) moving the deductible from a unit level to a plant level for an additional premium (only available for buy-up policies).
- A new Peak Endorsement Pilot, which allows producers to increase coverage during a designated peak period when the inventory value may be higher than the selected value.
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The information contained herein is not an offer to sell insurance. No binder, insurance policy, change, addition, and/or deletion to insurance coverage will be effective unless and until confirmed directly with a licensed agent. Please note any proposal of insurance we may present to you will be based upon the values developed and exposures to loss disclosed to us by you. All coverages are subject to the terms, conditions, and exclusions of the actual policy issued. Not all policies or coverages may be available in every state.
Although care has been taken to assure the accuracy, completeness and reliability of the information contained herein, Silveus Insurance Group Inc. makes no warranty, express or implied, including warranties of merchantability and fitness for a particular purpose, or assumes any legal liability or responsibility for the accuracy, completeness, reliability or usefulness of any information, product, service or process disclosed. Clients should consult with their licensed insurance agent as to how the information, products, services or processes described may pertain to their individual situation. IN NO EVENT SHALL SILVEUS INSURANCE GROUP, INC. BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE INFORMATION CONTAINED HEREIN.