Commercial fisherman will usually always have nets and gear that they use in their operations. Although some may feel that this gear is covered under the commercial fishing vessel policy, that is incorrect.
Nets and gear coverage is an added coverage that needs to be purchased by the vessel owner. There are also 3 streams of nets and gear coverage:
1) Nets and Gear – On Board the vessel
2) Nets and Gear – On Land
3) Nets and Gear – In transit to and from the vessel
Nets and Gear – On Board the Vessel
Accidents happen, and fishing accidents are no different, a fishing enterprise can purchase nets and gear coverage under their commercial fishing vessel policy, so that the costly gear can be included if there was an event to occur at sea causing this gear to be lost. There is also some on land coverage included in net’s and gear coverage if it’s purchased for gear on the vessel, however the limit is only for what would normally be aboard the vessel at any one time. If you have more fishing gear than you normally carry on one trip, you will need a separate gear / gear shed policy.
Nets and Gear – On Land
When fishing season is finished for the season, gear gets stored somewhere on land, or in a gear shed. This gear, is still subject to loss, from fire or even theft. A gear shed policy can be purchased to cover these items while they are in storage and not being used, or even if they are in the gear shed being worked on.
Nets and Gear – In Transit To and From the Vessel
This coverage is essentially a transportation floater and is usually attached to a gear shed policy. There is coverage while the gear is on a vehicle while being transported to the wharf.
Don’t forget, if you use your personal garage or outbuilding to work on fishing gear, it may not be covered under your home owners policy. In addition, even it it is, with the changing home insurance market it makes more sense to insure the shed separately to avoid a claim on your personal homeowners insurance.
Accidents can happen in all of the above circumstances, make sure you’re protected by giving us a call today!