Advancing the Aquaculture Industry Through the Federal Crop Insurance Program

Authors

Matthew H. Bowen, University of Maine School of LawFollow

Document Type

Comment

Abstract

In recent times, the aquaculture industry has experienced dramatic growth. The growth of the industry is a direct result of an increase in demand for seafood, and a decrease in supply from wild fisheries. The industry, however, is also experiencing growing pains. Aquaculture species, compared to their wild counterparts, are at a higher risk of catastrophic loss from a variety of different perils. These perils make investment in the aquaculture industry significantly risky. The federal crop insurance program could be a tool that mitigates these risks, but the program was designed around terrestrial agriculture, and while aquaculture may be covered by the program, it is not significantly covered. This comment proposes three policy changes to the federal crop insurance program aimed at increasing coverage within the aquaculture industry. These policy changes, however, will increase the cost of the program, but this comment further articulates the economic justification for the taxpayers to internalize these costs.

First Page

59

Recommended Citation

Matthew H. Bowen, Advancing the Aquaculture Industry Through the Federal Crop Insurance Program, 24 Ocean & Coastal L.J. 59 (2019).
Available at: https://digitalcommons.mainelaw.maine.edu/oclj/vol24/iss1/4