Marine insurance for commercial fishing vessels is designed to protect these vessels and their owners from financial losses due to risks associated with fishing operations. This type of insurance typically covers a variety of potential perils, including:
Hull Insurance
Covers physical damage to the vessel itself, caused by accidents, collisions, or other incidents at sea.
Protection and Indemnity (P&I) Insurance
Provides coverage for legal liabilities, such as injuries to crew members, damage to other vessels, and environmental pollution.
Cargo Insurance
Protects the value of the catch, ensuring that fishermen can recoup losses if their haul is damaged or lost during transit.
Equipment Insurance
Covers loss or damage to fishing gear and equipment.
Conclusion
Policies are aligned to the vessel’s needs and operations, considering factors like fishing type, areas, and vessel specifications. This insurance is essential for mitigating financial risks in commercial fishing due to the hazardous nature of the work.
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