With majority of the traditional fishermen bearing the brunt of the loss of their fishing vessels and implements, the government has come up with a scheme for them in which all the traditional crafts are insured.
As per the decision, the government would bear 9- per cent of the insurance premium and the remaining would have to be borne by the fishermen. Each of the traditional fishing craft having different specifications would have different insurance premium.
Fishing crafts with a Length Overall of below 10 metres equipped with 10 HP engine would be insured at Rs two lakh (Hull) and Rs 3.5 lakh (Hull with engine). The fishing crafts with the same LOA but having engine capacity of more than 10 HP would be insured at Rs two lakh (Hull) and Rs four lakh ( Hull and engine).
With respect to fishing craft having length Overall between 10 metres and 15 metres with an engine capacity of 40 Horse power, the Hull will be insured at Rs four lakh. Along with the engine, the fishing craft would be insured at Rs six lakh. In the same specification, the boats having engine capacity of more than 40 Horsepower, the insured premium for the hull is the same whereas it comes to Rs eight lakh along with engine. The crafts having a LOA between 15 m and 20 m has been decided to be insured for 15 lakh ( Hull) and Rs 23 lakh (Hull and engine). The insured amount for fishing crafts of 20 m LOA and above has been fixed at Rs 30 Lakh ( Hull) and rs 46 lakh (Hull and engine)
The government is said to have come up with the insurance scheme as part of providing security to fishing crafts against disasters and natural calamities. Every year lots of fishing crafts are destroyed and fishing implements are also lost due to inclement weather conditions. The traditional fishing crafts are reported to suffer the major loss than the mechanised ones.