A fish farmer will usually aim to arrange Stock Mortality insurance either on either a Named Perils or ‘All Risks’ basis. The problem for the fish farmer is that other than in Norway, there are currently a limited number of insurers who can provide insurance on a direct basis.
Support is available from European Reinsurers on a facultative reinsurance basis but quite often this will only be in support of one of the few direct Insurers, who will, in most cases, set the policy terms and conditions.
To access these insurers the fish farmer will need the services of an Insurance Broker who has the knowledge and understanding of the industry to obtain the best solution. Without this assistance the fish farmer will end up with a quotation that is unattractive.
There are a number of key factors to take into account to ensure that the broker and insurer understand the risk, including: –
- What is the storm risk and are the cages and moorings suitable for the location of the farm?
- What is the disease risk and where does the fish farmer source their juvenile stock?
- Is the farm situated in an area susceptible to Algae Blooms or low Dissolved Oxygen events?
- Where does the onshore farm source its water, how is this treated, what biosecurity measures are in place?
When a claim occurs, it is vital that the broker understands the circumstances and how to best present the claim to the Insurer. The broker will often work with the Loss Adjuster to ensure that all information is gathered before the claim is report to the Insurers. This approach will speed up the process to ensure that the claim paid in as quickly as possible.
Ae Insurance have that specialist capability and Mark Seward has worked within the Aquaculture Insurance Industry for over 30 years. He has arranged policies with Insurers emanating from all continents of the world and has visited countless farms.
Mark works directly with fish farmers where legislation allows, and he has also developed a network of contacts from around the world.
If you should need help, please contact Mark whose details are listed below: –
Contact Name – Mark Seward
Telephone Number – +44 (0)23 8055 8200
E-mail – email@example.com