COAST PARAMETRIC INSURANCE APPROVED FOR THE FISHING INDUSTRY IN GRENADA, CARRIACOU AND PETITE MARTINIQUE
Written by GIS on July 4, 2018
The Ministry of Climate Resilience, the Environment, Forestry, Fisheries, Disaster Management and Information has received Cabinet approval for the implementation of COAST, which is a parametric insurance for the fishing industry in Grenada, Carriacou and Petite Martinique.
COAST stands for Caribbean Ocean Assets Sustainability Facility, and its implementation will be in collaboration with the Caribbean Catastrophe Risk Insurance Facility (CCRIF), as a pilot programme which commenced on July 1, 2018. The value for year one is USD100, 000 and pay-outs will be based on triggers.
The parametric insurance will be an additional incentive for the fishing industry in the tri-island state.
It is envisioned to support climate resilience through two objectives, namely: Protecting the food security of Fishers, and promoting sustainable livelihoods in the fishing sector.
The Ministry’s database has 3,404 registered fishers who receive significant incentives in the form of concessions for the following items: outboard and inboard engines, boat repair material, boat building material for initial construction of commercial fishing vessels, fishing material and equipment, navigation and safety items, deck equipment, boat auxiliary supplies, fish export supplies and fuel (excluding lubricants).
Presently, small boats up to 25 ft. pay EC$5.00 for Vessel Inspection Fee and boats above 25 ft. pay EC$15.00.
The Ministry is making arrangements for hosting island wide sensitization workshops with fishers to discuss the roll out of COAST. It is anticipated that this will begin in the final week of July 2018.