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COMPULSORY INSURANCE (THIRD PARTY LIABILITY) REQUIREMENTS FOR FISHING VESSELS: A CASE FOR THE INTRODUCTION OF COMPULSORY FISHING VESSEL INSURANCE IN THE CARIBBEAN
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COMPULSORY INSURANCE (THIRD PARTY LIABILITY) REQUIREMENTS FOR FISHING VESSELS: A CASE FOR THE INTRODUCTION OF COMPULSORY FISHING VESSEL INSURANCE IN THE CARIBBEAN
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COMPULSORY INSURANCE (THIRD PARTY LIABILITY) REQUIREMENTS FOR FISHING VESSELS: A CASE FOR THE INTRODUCTION OF COMPULSORY FISHING VESSEL INSURANCE IN THE CARIBBEAN
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Journal Article
COMPULSORY INSURANCE (THIRD PARTY LIABILITY) REQUIREMENTS FOR FISHING VESSELS: A CASE FOR THE INTRODUCTION OF COMPULSORY FISHING VESSEL INSURANCE IN THE CARIBBEAN
2020
Overview
Reasons given by the insurance sector for the limited insurance cover of small-scale fisheries inclue: their limited knowledge of fishing operations and needs, limited knowledge of demand for insurance from fishers, low profitability of fishing vessel insurance (due to high transaction costs, small premiums and high monitoring costs), lack of insurance mandates for fishing vessels, and the number of well-functioning fisherfolk cooperatives that can act as insurance agents is generaly small. [...]small-scale fishers' interest in insurance services is often limited because of low awareness of insurance advantages, lack of insurance providers in fishing communities, the requested insurance premiums are regarded as too high, insurance policies and claim settlement processes are neither understood nor trusted and the income from fisheries varies because of seasonality of fishing, while insurance premium payments are often not flexible. In recent years the access to insurance services is world-wide gaining attention and insurance is regarded as important for achieving the Sustainable Development Goals (SDGs), as insurance provides a safety net and prevents people to falling into poverty after shocks, provides an economic protection mechanism, sustains development efforts, protects assets, and mitigates theeffects of extreme weather and climate change. In the international community, the Voluntary Guidelines for Securing Sustainable Small-Scale Fisheries in the Context of Food Security and Poverty Eradication (SSF Guidelines), stress the importance of insurance for small scale fisheries in article 6.4 \"States should support the development of and access to other services that are appropriate for small-scale fishing communities with regard to, for example, savings, credit and insurance schemes, with special emphasis on ensuring the access of women to such services.
