KEEP THE WATERS
FLOWING FOR YOUR
Fish farming or aquafarming is a growing industry throughout the Mediterranean, especially here in Malta and of course throughout the world. Through a carefully selected network of correspondent brokers, we’ve been able to position ourselves at the forefront of insurance brokerage services for the international aquaculture industry.
Over the years we’ve built a strong level of ’all round’ experience in handling aquaculture insurance and claims, including the sourcing and provision of insurance cover for fish stocks both in transit from the catching grounds and whilst farmed in cages, both onshore and offshore.
Aquaculture insurance typically covers mortality caused by storm, disease, pollution, contamination, collision, theft, predators and malicious damage. Further extensions are available to cover additional costs incurred in mitigating a claim, or sudden structural failure of farm equipment.
Insurance can often be based on agreed values, saving you time and money in complicated formulas and calculations, and policies can be based on monthly stock declarations or on average values, subject to adequate stock projections being prepared and submitted for consideration.
In addition, we can source insurance cover that would provide protection on any material damage to the farm cages, moorings and equipment.
Offshore farms will have a number of support craft and for these we look into competitive hull & machinery and third party liability insurance, including cover for crew.
Insurers will require a risk survey of the farm site and equipment. As far as practical or at our clients’ request we accompany surveyors on each survey and discuss any recommendations with our clients to make sure these can be followed up without disrupting the normal business operation.
We pride ourselves in supporting our clients when they need us most – when they have a claim. We liaise with Insurers to organise prompt surveys and provide consultancy to our client at every step to ensure claims are settled efficiently and fairly.
If you are interested in taking out an aquaculture insurance policy you should consider discussing this with us so that we will make sure to find the most suitable cover for your requirements. You can contact us by clicking here.