The insurance fraternity is willing to meet with fisherfolk to find solutions tailored to their needs, as was done for public service vehicle and jet ski operators. President of the General Insurance Association of Barbados (GIAB) Randy Graham said like those two sectors which were once deemed high-risk, through blanket policies, insurance companies could underwrite […]
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The insurance fraternity is willing to meet with fisherfolk to find solutions tailored to their needs, as was done for public service vehicle and jet ski operators.
President of the General Insurance Association of Barbados (GIAB) Randy Graham said like those two sectors which were once deemed high-risk, through blanket policies, insurance companies could underwrite policies for the fishing sector which has been devastated by Hurricane Beryl.
“The way it works now, individual boat owners will come and make representation to buy insurance and they will seek their own quotations on an individual basis. It really depends on how many are doing that and what they see as the cost,” he said.
“Maybe it’s a case where we as the insurance sector can sit with them as the association, look at all these vessels that they have and see if the association can find a way to buy a blanket policy that makes it more affordable, but it will depend on their individual boat owners wanting to buy insurance in the first place. If so, I am certain we can find some kind of policy that is affordable for them.”
Hurricane Beryl passed south of Barbados last Monday packing Category 3 winds and bringing high surf. Storm surges overwhelmed the fishing fleet berthed at the Bridgetown Fisheries Complex and more than 200 boats have either been damaged or submerged.
Graham said policies were put in place for public service vehicle and jet ski operators.
“One time the jet skis had to get pooled insurance because it was difficult for the individuals to get insurance as well. I mean, people do come together and buy it as a group and that normally makes it a little bit more affordable. If that is something that the association wants to do, we are happy to have that discussion. Those pictures are devastating and the impact on those families is heartbreaking; that is something we don’t want to recur,” the insurer said.
Fisherfolk like Stephen Bourne said costs were prohibitive and all their profits went to insurance.
“All the boats out here lick up . . . . Almost the whole fishing fleet out there. None of them can’t go out tomorrow if the sea drop flat . . . . They not insured; the insurance does cost us too much,” added Bourne who lost three uninsured vessels.
Cornelius “Red Man” Carrington said he lost about $350 000 when his boat Freedom sank.
“It used to be insured but I ran into difficulties,” he said.
Graham said complaints about costs were relative. He cited the example of a boat costing about $50 000 which could run between $2 000 and $4 000 for coverage and premiums could be paid monthly.
While expressing his sympathy to the loss of livelihood for the fisherfolk, the GIAB president said there was also a need for mitigation as was done in the construction sector.
“For fishing vessels, what we would like to see is the vessel being hauled up out of the water and taken to the safety of the boatyard as much as we can so that we don’t have the damage occur to them while they are docked and the seas are rough,” he said.
“As a country, we have to find a way to move to a place where from a risk mitigation standpoint, we are able to haul up as many of the fishing vessels as we can when there are rough seas around and bad weather coming to protect the vessels from damage.
“If you do have a fishing vessel and you have invested in the vessel, insurance, obviously, is a viable option for protection after the event. So there are a lot of boats in Barbados, pleasure craft and otherwise that buy insurance, and there is insurance available for fishing vessels,” Graham said. Meanwhile, the assessment continues in the sector which could be facing millions of dollars in losses.
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