Insurance of Fish in Ponds
Applicability
This is applicable to fry/fingerlings, fish and stock, ponds and breeders in fresh water only and not to marine fisheries or to brackish water fish. Fish of rohu, katla, mrigal, common carp, silver carp and other recognized breeds are covered.
PERIOD OF INSURANCE
The entire period of crop since the period varies from 3 to 12 months
(a) Fry to fingerlings-3 months period in rearing pond.
(b) Fingerlings to fish stage -12 months period in stocking pond.
(c) Breeders (age 1 yr to 5 yrs.) 12 months period in breeder ponds.
Under b – Policy period is strictly for 24 fortnights from releasing of fingerling in pond i.e. if insurance is offered at 400 gms weight (8th forthnight), policy period will automatically be for 17 fortnights only not 24 fortnights. This will ensure that if there is flood after harvest i.e. after 24th fortnight, the insured cannot prefer a flase claims as the policy will cease with 24th fortnight. If there is no such limitation, possibility of false claims after harvest in the event of flood may continue.
SUM INSURED
The value of fish changes from Fry, fingerlings stage to the final catch/harvest period. Hence there is no fixed sum insured under the policy. This is to be certified by an authorized officer approved in this regard and valuation table incorporated in the policy forming the basis for settlement of claims. However, the scheduled valuation table given in scheme will be the basis both for the acceptance as
well as settlement of the claim.
The value arrived at will depend on :
(a) The cost of fry/fingerlings
(b) Cost of Inputs
(c) Other incidental expenses profit not being included in the valuation.
RATE OF PREMIUM
Type of Scheme Basic Premium Rate Optional cover (flood And allied risks) can be Granted by charging Additional premium.
A. For Bank financed 2.4% gross 1 to 2% gross on peak value & other projects for on peak value
fish in stock ponds or fry to fingerlings.
B. For scheme through 3% Net on 1.70% Net on average value FFDA/IRDP and other average value
Similar subsidized projects.
Note: In flood prone areas tanks with below 9 contours and certified by govt. as flood prone zone, the premium shall be @ 2% and in other cases it shall be @ 1%. The minimum premium per policy is rs.30/-
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 or any kind is not covered. There is no short period policy. The policy will be for one crop only. The policy cover should not be extended beyond the period stated above even with an extra premium. The policy should be taken within 1 month from the date of stocking i.e. no policy should be given to the farmers/bankers who approach for insurance after one month from the date of stocking of fry/fingerlings/breed fish. The basic cover does not include flood and allied risks. Hence additional premium should be collected for deleting that exclusion from the policy.
The cover is wide enough to include epidemics, pollution, poisoning, malicious act by third parties, riot and strike, flood and such other natural calamities are covered as an extension by payment of extra premium only. Terrorism is also covered without additional premium.
Short Period Policy
This insurance is for crop. Even if the policy is taken at 600 gms. And the policy period is 6 and half months, full premium should be collected and short period rates should not be applied.
EXCLUSIONS
1. Malicious or willful injury, poisoning, negligence, error or omission by the insured or is family members or employees.
2. Any loss or damage caused by improper management, rough handling of the fry/fingerlings/fishes.
3. Partial loss of any kind.
4. Any loss or damage caused by fluctuations of temperature, under growth, worm infestation such as monogenetic trematodes, digenetic trematodes, cestode parasites, nematode parasites, fish leaches, etc.
5. Any loss or damage due to the chemical status of the soil, physical and chemical status of the water, ph-factor, low water levels, asphyxia.
6. Any loss or damage due to infidelity of any person, natural mortality, burglary, poaching and theft, clandestine sale or missing of fishes.
7. Any loss or damage while cleaning of ponds or changing of water or during transit by any means or any permanent or partial disablement of any nature.
8. Any consequential loss arising in any way whatsoever.
9. Transit by any mode.
10. Losses due to predators, competitors, weed fishes and insects diseases.
11. Death occurring within 15 days from the inception of the policy due to disease.
12. Flood, cyclone, storm, tempest, inundation and allied risks unless specifically covered on payment of additional premium.
13. War, invasion, act of foreign enemy, hostilities (whether war be declared or not) civil war, rebellion revolution, insurrection, mutiny, military or usurped power or any consequence thereof or attempt thereat.
14. Losses due to sampling of the fish which is carried out for the purpose of better growth of fingerlings.
Accidents, loss, destruction, damage or legal liability directly or indirectly caused by or contributed to by or arising from nuclear weapon material.
LIMIT OF LIABILITY
This would be calculated on the basis of stagewise expenses shown in the valuation table and indemnity will be limited to 80% of value of fishes as on date of loss as per valuation table. Salvage amount should be deducted from the claim amount before limiting the liability to 80%.
CLAIM PROCEDURE
A. In the event of claim:
(a) Insured is required to give immediate notice preferably within 12 hours directly to the policy issuing office of the Company in case of death of Fish which may give rise to a claim under this policy.
(b) In the event of outbreak of an epidemic, an officer of the Company preferably Vety. Officer must visit the project area to see that necessary precautions have been taken to arrest the spreading of the disease.
At the time of claim following should be submitted :
(i) Duly completed claim form.
(ii) A certificate in the form provided by the Company from the Fisheries Extension Officer (in case of FFDA programme) or an officer of equal cadre in the State Government Fisheries Deptt. or Central Inland Fisheries Research Institute certifying the cause of death and details about the loss.
(iii) Survey Report.
(iv) Revenue Authorities certificate in flood and other allied risks.
(v) Death certificate and lab certificate in case of diseases.
(vi) Receipts & Bills of expenditures.
(vii) Books of Accounts and records.
B. Salvage : Wherever the salve is realized, the salvage amount should be deducted from the claim amount before limiting the indemnity to 80%.
NOTE
The valuation table enclosed should only be the maximum sum insured. We should incorporate a condition in the policy making it the insureds responsibility to prove the cost of production and our liability should be 80% of either sum insured or proven production cost whichever is less.
Source: http://www.orientalinsurance.org.in |
