5,000 fisherfolk benefit Fishery Insurance from PCIC-BFAR

Created on Tuesday, 13 August 2013 Published Date

The Philippine Crop Insurance Corporation-8 (PCIC-8) in coordination with the Bureau of Fisheries and Aquatic Resources-8 (BFAR-8) has targeted 5,000 fisherfolk in Eastern Visayas as prospective benefaciaries of the PCIC-BFAR joint project called Fisheries Insurance Program.

PCIC-8 Regional Manager Dominico Digamon said that those who will qualify for coverage under this program are licensed operators of fishponds, fish cages, fish pens and fisheries farms produced in selected fish species such as milkfish, shrimps, groupers, snappers, tilapia, mud crab and seaweeds. They must also agree to place themselves under the technical supervision of an accredited Fishery Technologist.

BFAR also intends to cover non-fishery assets such as service vehicle trucks and equipment and buildings, under the Non-Crop Agricultural Assets Insurance Program of PCIC and has set aside P150 million for premium subsidy nationwide.

PCIC provides insurance protection to fisherfolk against losses due to un-harvested crop or stock in fisheries farms caused by natural calamities, extreme weather conditions and other accidents.

The insurance covers the cost of production inputs, the value of the fish farmer’s own labor and those of the members of his household. The value of labor of hired workers per Fisheries Farm Plan and Budget insurance coverage shall commence from the date of issuance of the policy.

"Under the agreement, the PCIC will cover risks on natural disasters and loss of crop due to unexpected events or accidents", Digamon explained.

The premium rate will depend on the result of the pre-coverage evaluation of the type, and other factors such as agro-climatic conditions and terrain, project management, production and loss records.

The extent of loss will be determined based on the severity of damage with the use of existing applicable loss prediction models. The state-owned crop insurance firm is expected to settle claims within a period of 60 days. (PRINCESS ALEXIS B. SIGUAN, Intern, FRANCISCO C. ROSAROSO, Chief, RAFID)

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