Marine insurance and salmon farming: what you need to know to protect your operations

Marine insurance and salmon farming: what you need to know to protect your operations

In the marine and salmon farming industry, protecting operations is not only key to success, but also to ensuring sustainability and regulatory compliance. Marine insurance plays a vital role in supporting risks associated with shipping, aquaculture infrastructure and production. If you are in this field, understanding the key aspects of marine insurance and how to apply it correctly can make the difference between a safe operation and a major operational problem.

What is marine insurance and why is it important for salmon farming?

Marine insurance is designed to cover risks related to vessels, aquaculture facilities and activities at sea. In the context of salmon farming, these insurance policies cover everything from floating structures and cages to the transportation of products. Given the nature of the sector, operations are exposed to factors such as adverse weather conditions, fish diseases and logistical risks.

Main types of marine insurance applicable to salmon farming:

1. Hull and machinery insurance (H&M): Covers physical damage to vessels used to transport supplies or products.
2. Maritime liability insurance: Protects the company against third-party claims related to environmental damage or accidents.
3. Transport insurance: Covers cargo during the transport of fish, food and essential equipment for operations.

Key factors to consider when purchasing marine insurance

When choosing the right coverage, it is essential to evaluate certain aspects to ensure that the insurance meets the specific needs of your operation:

• Specific risk assessment: Analyze the most common risks in your geographic area and type of operation.
• Review of exclusions and limitations: Some insurance may exclude key risks such as extreme weather events or certain fish diseases.
• Professional advice: Relying on marine insurance experts is essential to identify the best option and ensure adequate coverage.

Salmon farming and international regulations

The salmon farming industry is subject to strict international regulations to protect the marine ecosystem and ensure sustainability. Complying with these regulations is not only mandatory, but also reinforces the confidence of international markets and reduces legal risks.

How KASIC can support you in managing marine insurance and salmon farming

At KASIC, we have extensive experience in consulting for the maritime and salmon farming sectors. Our team of experts will help you identify the specific risks of your operation and select the best insurance options. In addition, we offer support in regulatory compliance and the sustainable management of your aquaculture activities.

Marine insurance is an indispensable tool for protecting operations in the salmon farming industry. Adequate coverage can make all the difference in the event of unforeseen events, ensuring business continuity and peace of mind for operators. However, navigating the world of policies and regulations can be complex. That is why having specialized advice is key to making informed and safe decisions.

Are you looking for advice on marine insurance and salmon farming management? KASIC is here to support you with specialized solutions and international experience. Contact us and ensure the success of your operations.