Risk counsellor Todd Blacher has been working in aquaculture worldwide for 17 years. (Photo: ecoindustrialsolution/NOAA/FIS)
Insurance brokerage division created for aquaculture sector
Thursday, June 02, 2011, 15:30 (GMT + 9)
A Los Angeles-based insurance brokerage has announced the creation of a new specialty insurance unit catering for the aquaculture sector in North America, Aquaculture Insurance Exchange (AIE).
Meslee Insurance Services Inc President Solomon Meskin PhD, LUTCF is now supplying the aquaculture sector with insurance and risk management options that are unprecedented in the industry. Meskin has in the past formed other specialty insurance brokerage units.
“Seafood production by means of aquaculture is becoming more and more common in the US and we are excited to pioneer the effort to solve one of the industry’s biggest needs,” he enthused. “Although attempts by various insurers to address the industry needs have failed in the past, AIE has developed new programmes to address the current vacuum.”
Aquaculture has boomed; more than 50 per cent of seafood consumed across the globe is farmed. Still, many businesses are hindered by massive losses due to the risks inherent to fish farming and the unavailability of insurance coverage that would normally allow businesses to bounce back, the company contended.
“Many domestic aquaculture ventures never come to fruition due to the high risk nature of the business. All it takes is one infection or natural disaster and a farmer is left with nothing,” Meskin highlighted.
“By purchasing insurance on their stock, farmers will now be able to absorb losses and survive catastrophes that they would never have been able to before. What’s even more exciting is that we will be consulting eligible applicants on risk management techniques to help avoid potential threats,” he added.
By partnering with the largest insurer of aquaculture risks worldwide and through collaboration with in-house aquaculture specialist and risk consultant Todd Blacher, AIE can consult and address the specific risk issues unique to any farm, the company said.
Blacher has been consulting fish farms internationally for more than 17 years. He said insurance coverage is necessary for aquaculture ventures.
“Not only will it provide peace of mind, but it will also help farmers gain access to investment capital for expansion and provide social and economic stability that is otherwise nonexistent,” he expounded.
The insurance policies would cover risks including stock mortality, product liability and equipment malfunction/breakdown. Coverage is available for nearly any type of species or farm.
By Natalia Real