Aquaculture reinsurance
The Catlin Aquaculture team are acknowledged as among the market leaders in their field.
Aquaculture reinsurance has become of increasing importance due to the rapid growth of fish farming globally and a risk profile that is constantly evolving due to climate change, farming of new species and technological development. Our underwriters provide reinsurance solutions tailored for offshore and onshore farms, growout operations and hatcheries in respect of finfish, crustacea and shellfish.
Coverage
We cover stock mortality for the following perils:
- pollution
- theft
- predation
- storm, lightning, tidal wave, collision, structural failure of equipment
- freezing, supercooling
- deoxygenation of water
- other changes in chemical constituency of water, including salinity
- disease
- drought, fire, lightning, explosion, earthquake*
- mechanical breakdown*
- electrical breakdown*
*Onshore operations
We also now offer coverage for equipment associated with offshore farms:
- workboats
- cages
- nets
- feed barges
Expertise in Aquaculture
Our underwriters have been heavily involved in the development of market wordings and bespoke coverage solutions in this niche area during the rapid development of the aquaculture industry. Our philosophy of comprehensive attention to detail prior to risk acceptance means we aim to act as partners in risk management to our client base rather than just capacity providers. We have found that this approach reduces the occurrence of relationship-damaging disputed claims scenarios and our reputation for fair and prompt claims settlement is accordingly unrivalled.
In 2011 Catlin has increased its commitment to the class in terms of capacity and is backed up by the technical, analytical and legal functions of the Group. Such resources will become of increasing importance due to the rapid growth of fish farming globally and a risk profile that is constantly evolving due to climate change, farming of new species and technological development.
We have also broadened our coverage offering to include equipment associated with offshore farms as detailed above.
