Marine Insurance for the Fishing Industry
Comprehensive insurance solutions for commercial fishing operations in South African waters.
Overview
South Africa's commercial fishing industry is one of the most highly regulated sectors in the country, managed through Total Allowable Catch (TAC) allocations under DAFF oversight. The industry encompasses deep-sea hake trawling (the most valuable sector), inshore rock lobster fishing, squid, pelagic species (anchovy, sardine) and aquaculture. Each sector faces distinct insurance needs. Deep-sea trawlers operating in the Cape of Good Hope and Agulhas Bank face extreme weather risks; inshore vessels face different risk profiles. Insurance requirements include vessel hull and machinery, catch (cargo) insurance, crew personal accident and P&I for third-party liabilities.
Key Risks
- Extreme weather (Cape of Good Hope)
- Gear loss and damage
- Crew injury and fatality
- Poaching interception incidents
- Catch loss and contamination
- SAMSA non-compliance consequences
Cover Available
- Fishing vessel hull & machinery
- Fishing gear insurance
- Crew PA and employer's liability
- Catch insurance (cargo)
- P&I liability
- Loss of income (loss of hire)