Insurance coverage

Boats caught illegally fishing have voided insurance coverage

A fleet of fishing boats caught fishing illegally in the Atlantic has had its insurance cover canceled by the insurer Hydor.

the Environmental Justice Foundation (EJF) identified the fleet of vessels after discovering that they were engaged in unregulated, unreported and illegal tuna fishing.

Following the investigation, the International Commission for the Conservation of Atlantic Tunas (ICCAT) blacklisted the fleet, after which Hydor voided their insurance coverage, putting the boats in serious financial peril if they were to set sail.

Among the various shenanigans undertaken by the ships was the swapping of flags in the middle of a voyage to avoid scrutiny and find each other”statelessfor some time on the high seas to evade various jurisdictions.

Commenting on the action of the fleet, Steve TrentCEO and Founder of Environmental Justice Foundationnoted:

“I want to commend Hydor for working with us on this case. If it were common practice for the insurance industry to demand transparency and sever all ties with illegal fishing vessels, it would not only help put an end to the destruction of our ocean ecosystems and human rights abuses at sea, but it would reduce the risk of insurers being harmed by such association”.

The decision to strip the fleet of its cover was welcomed by Pascale Möhrlethe executive director of Oceane in Europe, who said:

“There are clear steps companies can take to avoid becoming embroiled in illegal fishing. By using the combined list of IUU fishing vessels available free of charge, companies such as Hydor can easily identify vessels that engage in IUU fishing and ensure that they do not have insurance or liability coverage. other essential services that keep them afloat. They can also help to increase transparency in the fishing sector, for example by requiring the vessels to which they provide services to actively use vessel tracking technology and to be registered with a unique vessel identifier such as a the International Maritime Organization.

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(Feature image credit: Environmental Justice Foundation)