Insurance package launched for fishers and farmersWednesday, June 23, 2021
KINGSTON, Jamaica— The country's fisherfolk and farmers can now access insurance coverage for vessels, vehicles and accessories through Advantage General Insurance.
The insurance package, developed in collaboration with the Ministry of Agriculture and Fisheries, was launched during a virtual ceremony yesterday.
It is the first of its kind in the industry and will provide fishers registered with the National Fisheries Authority with access to insurance coverage developed specifically for their needs.
Farmers will also benefit from specially discounted rates for insuring their vehicles and homes.
In his address at the launch, portfolio minister, Floyd Green, said that the initiative is significant, as “it is the first that our artisanal fishers will be able to go into an insurance company and take out a policy to protect their fishing vessels. It protects them against a wide array of perils. It protects them both at sea and on land”.
“It gives them not only greater security, it gives them greater accessibility to the things they need to enhance their business,” he noted.
Green said that the scheme is affordable, with annual payments as low as $45,000.
He pointed out that if fisherfolk insure their vessels plus cars and homes, the rates will be even lower.
Vice President of Channel Management and Underwriting at Advantage General Insurance, Ruth Cummings, said that the package provides a safety net against accidental loss or damage to the fishing vessel and accessories by fire, explosion, malicious acts, flood, hurricane, typhoon, earthquake, volcano and other perils while onshore or offshore in Jamaican waters.
Protection is also provided against theft of the vessel or the outboard motor.
Cummings said that the insurance package will provide a 10 per cent discount for farmers on either their motor-vehicle insurance or home-insurance premium. If both the vehicle and home are insured, a discount of 15 per cent will be applied.
“We are most grateful to the Ministry of Agriculture and Fisheries for the opportunity to collaborate on such a noteworthy initiative and to provide for those who provide for us,” she said.
To sign up for the insurance package, registered fisherfolk and farmers are invited to visit Advantage General's Insurance offices or the National Fisheries Authority.
Cummings said that the company is also expanding its digital platforms, which will see prospective customers being able to purchase a policy at their convenience.
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