A measly $100 could possibly get oyster harvesters catastrophic coverage according to Mike Voisin, chairman of the Louisiana Oyster Task Force. The plan was work in the following way:
The program would take the 30-year production average in a given harvesting area as a base, and harvesters would decide how much coverage to buy each year. Payments would be based on production, not on the type of disaster.
Hurricanes turn out to be not the only reason to own crop insurance. Some other reasons could be “Freshwater diversions or expansion of the summertime, low-oxygen ‘dead zone’ in the Gulf of Mexico would qualify.”
The application was sent to the U.S. Department of Agriculture risk management agency and if approved “oyster harvesters could apply for the insurance through insurance agencies” according to Voisin.
Yes there is insurance for every possible thing imaginable and them some. Insurance is a very profitable business for the insurer and a calming presence to the insured, at least in most cases.
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