Description

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This circular summarizes the findings of an FAO assessment of legal frameworks in five Caribbean countries (Barbados, Dominica, Saint Kitts and Nevis, Saint Vincent and the Grenadines and Trinidad and Tobago) in terms of entry points for introducing fishing vessel insurance. It contains an overview of international conventions governing marine insurance and examples of mandatory fishing vessel insurance legislation from selected countries. The origins of compulsory third party liability insurance in the maritime industry and its introduction in international instruments (e.g. the Bunkers Convention, the Wreck Removal Convention, and the EU Directive 2009/20/EC) are discussed. The benefits of introducing compulsory third party liability insurance for everyone involved in the fisheries industry (claimants, shipowners, and society in general) in line with those in the merchant shipping industry are presented. Model regulations to facilitate the introduction of compulsory third party liability insurance for fishing vessels are provided, as well as information to raise awareness and build the capacity of fishers on this subject. The circular also contains the proceedings of a Stakeholder Meeting on Fisheries Insurance Legislative Frameworks for the Caribbean, held on 15 November 2019 in Barbados, where the assessment findings, best practices and model regulations were presented. The circular makes a strong case for introducing compulsory third party liability insurance for fishing vessels in the Caribbean, arguing that such insurance contributes to the improved working conditions and safety of fishers, as well as to more responsible fishing practices.

About the Author

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Founded in 1945, the Food and Agriculture Organization (FAO) leads international efforts to defeat hunger. Serving both developed and developing countries, FAO provides a neutral forum where all nations meet as equals to negotiate agreements and debate policy. The Organization publishes authoritative publications on agriculture, fisheries, forestry and nutrition.