Aquaculture Insurance & Risk Management

The aquaculture industry is faced with continual pressure to increase production to meet ever increasing demand, whilst operating in some of the most changeable and volatile conditions of any food producing sector.

The aquaculture industry is not without its risks. The global fish shrimp and shellfish industries are susceptible to a range of natural, manmade and environmental exposures. These include predation, pollution, risks pertaining to equipment, accidents, natural disasters, disease and other phenomena.

We understand the risk exposures faced by the aquaculture industry during the different stages of the supply chain and have the insurance solutions to meet your needs.


WHAT WE DO

We have the experience and knowledge to assist offshore and onshore fish and shellfish farms to design and structure insurance programmes that suit their needs, as well as to complement them with a range of risk management services.

We engage closely with our clients and prospects to gain an in depth understanding of farming operations and risk management techniques.

This understanding is crucial to structuring the right insurance product for your business at the most competitive terms.

To help you maintain the sustainability and security of your business, will work with you to identify and manage the risks in the following areas:

  • Products
  • Supply chain
  • Production capability and capacity

Working with our own consultants and third parties we can also help you to develop and implement safe operating procedures and standards, in compliance with legislation and industry best practices in the following areas:

  • Health, safety and food
  • Hygiene – audit and training

FAQS

Our policy wordings follow international standards and can cover all risks or we can also offer wordings to provide specified perils coverage only. Coverage available includes: perils of the sea (weather, plankton), fire, natural perils, theft or malicious acts, impact damage, damage from loading and unloading, negligence from repairers, liabilities from use of vessels and farm operations, liabilities from consumption and rejection of cargo.

Cost and availability of the insurance are assessed based on the quality of the operation.

Insurers will impose minimum deductibles. These, however, follow international standards and can often be lower than those offered by local insurers. JLT can also help you design an insurance programme such that your deductible helps you minimise the cost of your insurance.

Policy wordings can be issued in both the local language and English to comply with lenders’ requirements. Arrangements can also be made for overseas law and jurisdiction to apply, in case of a dispute.

WHY JLT

Aquaculture insurance

We engage closely with our aquaculture clients and prospects in order to gain an in depth understanding of the farming operation and risk management techniques.

If necessary our partnership with expert independent consultants can be utilised to give advice on improving the risk profile.

This is a significant advantage in a small insurance market where competition amongst insurers is limited and can reduce premiums and improve coverage.

Aqua

We also work closely with the aquaculture insurance market around the world. We have strong relationships with all the leading insurers and our book of aquaculture business currently utilises approximately 90% of global aquaculture insurance capacity.

JLT support a tripartite partnership approach and we are keen to introduce our clients to their main insurers in order to promote a better understanding of their farming practices, professionalism and insurance requirements. This can encourage insurers to take a longer term view, improve renewal offers and facilitate claim payments.

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