Marine Insurance

Brief Coverage

Aquaculture Stock Mortality Insurance provides financial protection to aquaculture farmers against unforeseen losses due to mortality of fish, Shrimps or other aquatic species. This insurance helps mitigate risks associated with disease outbreaks, environmental disasters, mortality or physical loss of aquatic stock as a result of a sudden and unforeseen event. It protects coverage for offshore and onshore farms including hatcheries and grow-out operations with a focus on the main risks fish farmers face.

Types of Species that can be insured

Species that have been covered include Shrimp (Penaeus monodon), Pearl Oysters (Pinctada maxima), European Flat Oyster (Ostrea edulis), Eastern Oyster (Crassostrea virginica), Blue Mussel (Mytilus edulis), Hokkaido Scallop (Patinopecten yessoensis), Sea Cucumber (Apostichopus japonicus), Disk Abalone (Haliotis discuss hannai), Sea Urchin (Strongylocentrotus nudus and Strongylocentrotus intermedius) Sea Bass (Dicentrarchus labrax), Sea Bream (Sparus aurata, Pagrus pagrus and Diplodus puntazzo), Meagre (Argyrosomus regius), Atlantic Salmon (Salmo salar), Coho Salmon (Oncorhynchus kisutch), Rainbow Trout (Oncorhynchus mykiss), Siberian Sturgeon (Acipenser baeri), Atlantic Halibut (Hippoglossus hippoglossus), Tilapia (Oreochromisniloticus), Northern Bluefin Tuna (Thunnus thynus), Dusky Kob (Argyrosomus japonicas), Brook Trout (Salvelinus fontinalis), Tiger Grouper (Epinephelus fuscoguttatus) and Barramundi (Lates calcarifer). We offer stock mortality coverage for both offshore and onshore aquaculture.

Coverages

• Storm
• Disease
• Pollution
• Theft & Malicious acts
• Predation or physical damage caused by predators or other aquatic organisms
• Plankton Bloom
• Storms or other weather-related events like freezing, supercooling or ice damage
• Accidental damages like Mechanical breakdown or electrical breakdown at onshore farms
• Changes in water including deoxygenation and salinity

Exclusions

• Intentional slaughter
• Malicious or wilful act of the Insured or any director or employee of the Insured
• Mysterious and/or unexplained shortages and/or losses only discovered at routine grading or sampling and/or harvesting
• Medical treatment unless such treatment is carried out in accordance with the manufacturer’s instructions or under the direction of a licensed aquaculture Veterinarian
• Gross negligence of the Insured or the Insured’s employees or directors

Equipment Insurance

We also offer coverage for damages to property and equipment including boats, moorings, cages and feed barges on standalone basis. Aquaculture insurance also protects against damages to property, essential equipment and tank and machinery. This includes cages, nets, feeding systems, moorings and other equipment used in fish farming. For example, if a storm damages your fish cages or feeding systems, this coverage can provide compensation for losses incurred for repairs or replacements