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Fish farming and aquaculture has exploded in recent years as more and more farmers realize that it’s a great source of food and income. Thankfully, there is a way to mitigate some of the risks you’ll experience when you start up your fish farm: fish farm insurance.
This article, features everything about fish farming insurance and aquaculture insurance, ranging from the premium costs to the best fish farm insurance companies in the industry.
Fish Farm Liability Insurance
There are various types of fish farm insurance available, though the most common one that businesses opt for is fish farm liability insurance.
This is because fish farm liability insurance is the most likely form of business insurance to cover the most common issues that a fish farmer or aquaculturist would ever experience.
However, fish farm liability insurance isn’t just a single type of coverage. There are various forms of liability insurance for fish farms that will pay out in certain circumstances.
For example, public liability insurance for fish farming is the most common form of liability coverage because it tends to be relatively affordable.
This kind of coverage will pay out only in the event that something befalls a member of the public, which can include visitors, customers, and suppliers visiting your farm.
On the other hand, general liability insurance is usually a bit more expensive for fish farmers because it covers everyone on the premises from both bodily injury and property damage.
This can include the same members of the public that are covered under a public liability policy as well as the people working for you and even managers and underbosses.
Fish Farm Insurance Cost
The average fish farm insurance cost depends on a wide range of variables. As we’ve already mentioned, the kind of policy that you get your hands on will dramatically impact the cost of your fish farm insurance.
General liability policies carry more of a risk for the insurer to pay out so you’ll have to pay more for them. The cost of $1 million general liability insurance for fish farms is $38 a month or $456 a year.
However, the insurance carrier will also take a look at the details of your fish farm when it comes time for you to get insured.
For example, if you have a larger fish farming operation with a larger number of employees than the average business, you can expect to pay a lot more for your insurance because this increases the risk of charges being pressed.
Other things that will impact the cost of your fish farm insurance; include the history of your business and whether you’ve made prior insurance claims.
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Best Fish Farm Insurance Companies
AXA
The AXA aquaculture insurance policy is designed to cover fish farms and hatcheries. They offer a wide range of coverage against common risks for fish farms, including disease, theft, pollution, predation, weather issues, water quality issues, and breakdowns in mechanical and electrical equipment.
Average cost: $43/m
Our rating: 10/10
Pros:
- Covers a wide range of risks
- Experienced in aquaculture insurance
- Even covers pollution
Cons:
- Pricey
Southern Farm & Wind
Southern Farm & Wind is an insurance company that is family-owned and operates in a range of states, including Mississippi, Tennessee, South Carolina, Florida, Alabama, and Georgia.
Southern Farm & Wind has a range of policies that apply to fish farms, including protection from wind damage but also more common hazards.
For example, their fish farm insurance policy will protect your fish farm from market risks, production risks, personal risks, and asset risks.
Average cost : $39/m
Our rating: 8/10
Pros:
- Separate wind coverage
- Moderate price
- Covers market and personal risks
Cons:
- Only available in certain states
GAIC
The GAIC is the Global Aquaculture Insurance Consortium and they are partnered with Lloyd’s of London, one of the world’s most prestigious insurance companies.
The most popular policy offered by GAIC is the stock mortality policy, which will pay out in case your stock of fish ends up dying for reasons that are not due to your negligence.
Average cost: $36/m
Our rating: 8/10
Pros:
- Improved security
- Great price
- $6 million limit
Cons:
- Not an insurance carrier itself
