Fishing Vessel Insurance: Who Qualifies and What You Get
Learn how fishing vessel insurance provides coverage for vessel damage and crew safety, and how government subsidies can lower your costs.
This scheme provides financial protection for fishing boats and the people working on them during maritime operations.
Who it's for
This insurance is available to all registered fishing vessels and their crew members.
What you get
You receive coverage for physical damage to the vessel itself. It also provides protection for crew members in the event of injury or death while they are working at sea.
What it costs you
You are required to pay an annual premium to maintain coverage. However, a portion of this premium is covered by a government subsidy to help reduce your personal costs.
The catch to know
You must report any changes to your crew immediately. If you fail to report a change in crew members right away, your insurance coverage could be voided.
How to apply
- Verify that your vessel is officially registered.
- Contact the issuing insurance provider to discuss your specific needs.
- Complete the necessary application forms for your vessel and crew.
- Pay the required premium to activate your coverage.
Visit the official portal for more details: https://www.suhyup-ins.co.kr