Inland Fresh Water Fish Insurance

Inland Fresh Water Fish Insurance

Policy Details:
It was an agreement between the subsidiaries of GIC with regard to the rates, terms and conditions prescribed by this Agreement to underwrite the business of Inland Fresh Water Fish Insurance in India.

Highlights :

Applicability :

This Insurance Scheme is applicable to Fry/Fingerlings/Fish in stock ponds / Breeders (Brood stock) in fresh water only and to Marine Fisheries or to Brackish Water Fish.

Period of Insurance : The entire period of crop since the period varies from 3 months to 12 months.

1. Fry to Fingerlings 3 months period in the rearing pond.

2. Fingerlings to Fish 12 months period in stock ponds.

3. Breeders (age 1 year to 5 year) 12 months.

If the Fish is offered at 8th fortnight stage, the policy period should be only for 17 fortnights.

Sum Insured : Peak value (Input Cost) on the final stage of rearing.

The peak value will depend on :

1. The cost of Fry/Fingerlings

2. Cost of Input

3. Other incidental expenses

Profit should not be included in the valuation.

Premium Rate :

1. For covering Fish / Fry / Fingerlings / Brood Stock against basic risk 2.4% gross.
2. For covering Fish / Fry / Fingerlings / Brood Stock against optional flood and allied perils :
2.1 2% in flood prone area.
2.21% in non-flood prone area

Rearing ponds are also covered against fire and allied perils on payment of additional premium of 0.5% of the value of ponds in non-flood prone area & 1% in flood prone area.

Covered :
Scope of cover : The policy covers only Total Loss of Fry / Fingerlings / Fish due to an accident or disease contracted or occurring during the period of insurance. Partial loss in any kind is not covered. The policy will be for one crop only.

The policy also covers epidemics, pollution, poisoning, malicious act of third parties, riot & strike.

Exclusions :
Important exclusions :

1. Malicious or willful injury, poisoning, negligence, error or omission by the Insured or his employees.

2. Improper management, rough handling, infidelity of any person employed by the insured.

3. Partial loss of any kind, natural mortality, consequential & transit loss.

4. Loss or damage due to fluctuation of temperature, undergrowth, change of status of soil (physical & chemical).

5. Death occurring within 15 days from the inception of the policy due to disease.

6. War & nuclear perils, legal liability.

Limit of Liability : This would be calculated on the basis of statewide expenses in the valuation table. Three statewide valuation tables are drawn for three groups such as Fry to Fingerlings; Fingerling to Fish & Breeder.

Claims Procedure :

1. Immediate notice within 12 hours.

2. Duly completed Claim Form.

3. A Death Certificate from F.E.O.

4. Survey Report.

5. Revenue Authority's certificate in flood & other allied risks.

6. Books of accounts & records.

Salvage : Where the salvage is realized, the salvage amount should be deducted from the claim amount before limiting the indemnity to 80%.