Aquaculture Insurance

Aquaculture businesses are built on their reputation for delivering quality products. At Gallagher we help make this happen by working alongside our clients to manage and mitigate their risks.

With global fish and shellfish stocks under increasing pressure and consumers demanding sustainably sourced seafood, aquaculture has cemented itself as one of the world’s most significant food sectors. One in every two fish sold is now produced by aquaculture with new fish farms starting up at a rapid rate and existing producers looking to upscale to capitalise on the demand for their product.

Having adequate insurance coverage in place can give businesses the confidence to invest and grow in this challenging landscape. Our network of aquaculture insurance professionals spans four continents giving us a global reach and access to key global markets, meaning we can develop bespoke aquaculture solutions no matter where our clients are based, or how large or small their operations.

Stock mortality

Working with international markets we are able to devise bespoke stock mortality insurance solutions that fall into two main categories:

Indemnity-based cover — Aquaculture stock is protected against all risks of mortality or selected named perils. Stock is insured according to an agreed basis of indemnity which covers cost of production and for larger fish, an agreed market value. In the event of an insured loss the amount of the claim is independently calculated according to this basis.

Parametric-based cover — A parametric insurance policy is structured to pay out a fixed amount should a predefined event occur (in this case, a specified event of agreed metric that has been demonstrated historically to cause stock mortality). These typically respond to weather and climatic events and are often referred to as weather trigger products. In the aquaculture industry, common triggers are rainfall (of an agreed volume of rain falling in an agreed timescale) and hurricanes (of an agreed category passing within an agreed distance from the insured location).

Aquaculture equipment

We can secure cover for all types of onshore and offshore fishery equipment from cages and nets to feed and accommodation barges. Cover against all marine perils can be obtained and, in the event of a loss, the policy will pay out to replace the lost equipment and contribute to debris removal and demolition costs.

Why choose Gallagher for your aquaculture insurance?

Our specialist team has extensive knowledge of the fish farming industry, including offshore and onshore production, hatcheries, processing, distribution, wholesale and retail. Because we have access to specialist underwriters, our clients benefit from tailored insurance products that offer flexibility on cover to suit their specific business operations.

We endeavour to secure insurance cover at a suitable price by providing different options according to your business and risk appetite. Through constant assessment of your exposures and industry developments, we can continually shape your profile and programmes and improve your options.

Gallagher also offers a range of risk management services to help you manage risk proactively across different areas of your business.

We offer more than insurance coverage to help protect our clients. We are here to support you all year round with your risk management and, should you need to make a claim, our in-house claims team will be here to support you throughout the process.

These are brief product descriptions only. Please refer to the policy documentation paying particular attention to the terms and conditions, exclusions, warranties, subjectivities, excesses and any endorsements.