Insulated waterproof container for the shipment of produce which is especially suited to the storage and shipment of floral produce. The container of the present invention includes a tray for receiving therein floral or other produce, and a cover for covering the tray. Both tray and cover include insulating panels which, when the tray and cover are assembled, form a substantially continuous insulating barrier on the interior of the container. The tray is rendered waterproof by forming if of waterproof materials, or by applying a waterproof coating thereto. The watertight integrity of the tray is further ensured by the formation of a gusset at each comer which serve to render at least a portion of the tray watertight. The tray and cover may include ventilation ports for the cooling of produce stored inside the tray.