With the recent fire at the Steveston Harbour Authority, we have had many clients call and visit our office asking about nets and gear insurance to cover their nets, gear, and other equipment which is stored in gear sheds and lockers. We have prepared this informative blog post about nets and gear insurance to assist fisherman in learning more about the coverage that is available to insure these items.
What insurance can I get for my nets and gear?
We offer multiple options for insuring your nets and gear, depending on what you want to cover. These include:
- Only while in storage on land
- While on land, including while in storage, transit, and on the dock
- On the water (for loss following total loss of the vessel) and while in storage
All of our nets and gear insurance policies include coverage for damage to gear due to fire and violent theft on land (theft where there is evidence of forced entry). This insurance is very affordable and provides you peace of mind in the event of an accident occurring.
My lease requires I carry liability coverage. What is this?
Third-party liability coverage is insurance that protects you for damage done to the property of others for which you are found legally liable.
Most of our nets and gear insurance policies include Tenant’s Legal Liability insurance, which protects you if you damage a premises (such as a locker) that you rent, lease, or temporarily occupy. The amount of Tenant’s Legal Liability that you need to carry depends on the size of the gear shed that you occupy. There is enough Tenant’s Legal Liability included on our policies to cover a 400 square foot or smaller space but additional coverage can be added if needed.
Premises liability is also included in most of our policies, which provides basic ‘slip and fall’ coverage for your rented premises.
You need both these liability coverages to fully fulfill your lease requirements as they work together to fully protect you.
What other insurance is available for my business?
- Commercial General Liability
- We always recommend that our commercial fishing clients carry Commercial General Liability insurance. This type of policy protects your fishing company against claims for bodily injury or property damage to a third party. This includes if you sell your fish and the buyer gets sick or if somebody slips and falls on your property and hurts themselves.
- DAS Legal Expense Insurance
- This is an invaluable coverage which we highly recommend. Starting at only $200 per year, DAS Legal Expense insurance provides unlimited free telephone legal advice as well as other coverage which helps to fill in the gaps in a conventional insurance portfolio
- Non-Owned Automobile Liability
- If you have employees that use their own cars while working for you Non-Owned Automobile Liability is another coverage that you should add onto your policy. If your employee gets into an accident while running to the store for supplies your company will likely also be named in any lawsuit that
- Stock-Transit Insurance
- If you are responsible for your fish until it reaches its final destination this Stock-Transit insurance is great to have. It can cover your stock (fish) from the moment it comes over the rail on your vessel until it arrives at the buyer.
- Crew Insurance
- This is an extremely cost-effective coverage at only $75 per crew member and provides a small amount of coverage ($100,000) for accidental death or dismemberment which occurs while fishing
- Catch Coverage
- Catch coverage provides insurance for your catch once it comes over the rail for loss following total loss of your vessel.