Fisherman insurance

Having boat insurance is importan t as a commercial fisherman as it offers invaluable protection to you, your commercial fishing boats, and your crew while you're out on the open ocean. For peace of mind and to protect your interests as a commercial fisherman, learn more about commercial fishing coverage below.

What is commercial fishing insurance?

Commercial fishing insurance is a type of business insurance tailored to the unique needs of fishers, support crew, and fishing vessels. Think of it as a safety net that protects your business, equipment, crew, and catch.

Coverage for fishing boats and fishermen

Like all insurance, commercial fisherman coverage is unique to each vessel and crew. However, when approaching an insurance company for this type of insurance, you'll typically find the following policies included in your plan:

Missing vessels insurance

Commercial marine insurance begins with a missing vessel policy. In the event that your fishing boat is in a collision or breaks down in the middle of the ocean due to extreme weather conditions, this portion of your coverage will cover the cost of repairing or salvaging the vessel.

Personal property insurance

If your fishing vessel or personal belongings are damaged by a third party, any repairs or replacement costs will be covered by your commercial fishing coverage.

Third-party liability

Third-party liability insurance will cover the cost of repairs, replacements, legal fees, and other incurred costs that may result from a legal suit that claims property damage or injuries caused by you, your crew, or your fishing operations.

Personal injury insurance

The next portion of a commercial fisherman policy is personal injury insurance. This includes medical expenses, rehabilitation services, and accident compensation. This coverage will also compensate those injured, ill, or grieving individuals as a result of vessel activities or a collision for which you are responsible.

Wreckage removal insurance

If your commercial fishing boat is severely damaged while at sea, your wreckage removal insurance will cover the cost of retrieving your vessel if necessary and achievable.

Pollution insurance

Lastly, the pollution portion of your insurance coverage will cover the cost of fines that stem from accidental pollution that may occur during your fishing activities. It will also cover the cost of an ocean clean-up if needed.

Optional insurance

For added insurance protection, fishers can also purchase these optional policies:

Crew coverage

This policy protects you against liability claims resulting from accidental death or disfigurement on the job.

Stock-transit or cargo insurance

This next policy will cover the fish you catch and carry until they are sold for profit on land.

Net and equipment protection

This policy will safeguard and reimburse you for the cost of fishing gear that is lost on land or as a result of vessel wreckage or damage.

Catch coverage

This will help cover lost wages in the event your boat sinks or is lost or if your catch is lost as well.

Do you need a boat licence to operate a commercial fishing vessel in Ontario?

Yes, you do need a special boat licence in Ontario to operate a commercial fishing vessel. All boaters who intend to operate a vessel in Ontario are required by law to hold a valid boating licence. Failing to have a valid licence, especially as a commercial boater, can lead to several hefty fines.

Additionally, it's important to note that it is illegal to operate a commercial vessel while simply holding a Pleasure Craft Operator Card. You will need separate certifications to work or operate on a commercial fishing boat.

How is commercial fishing insurance calculated?

Like all types of insurance, the cost of your commercial fishing coverage will vary based on several factors that pertain to your vessel, job operation, and more.

What factors affect insurance rates for commercial fishermen?

While different insurance providers may use different pricing methods, when you're purchasing commercial fishing insurance, you can expect the following factors to be used:

Storage location

Damage to your commercial fishing boats can happen at any time, regardless of whether you're out on the water or docked at the marina. As such, where you keep your commercial vessel can have a significant impact on how likely you are to file a claim and the cost of your policy.

Navigation area

Numerous risks can occur when you're out fishing in the ocean. Therefore, where you fish, how long your commercial fishermen are away, and other hazards associated with your commercial fishing business will be some of the most important factors that will influence what you pay for at the end of the day.

Insurance history

If you've been a commercial fisherman for years, your insurance history can also play a role. For example, if you've filed numerous claims or had several accidents occur amongst your crew, you'll likely be charged more for your commercial fishing policies than others.

Boat experience

Based on the age, worth, length, and building materials of the vessel, an insurance provider may request a third-party survey before they can put together your final premiums.

Contact BrokerLink today

At BrokerLink, we help commercial fishermen find affordable insurance coverage based on their unique needs and budget. Unlike insurance agents, the brokers from BrokerLink work independently, meaning they have access to numerous policies and providers across Canada, allowing them to customize your coverage, shop around, and compare quotes. Beyond commercial marine insurance, our team can also help you find:

• Seasonal boat insurance
• Boat insurance for recreational boats

If you're interested in working with the brokers from BrokerLink, don't hesitate to visit us at one of our many locations across Canada. If we're not in your neighbourhood, you can give us a call over the phone at any time. Still browsing? Take advantage of our free online quote tool to get a competitive insurance quote within minutes, and download our free tide charts!

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FAQs about fisherman insurance

How do you calculate actual cash value?

When you get insurance coverage for your commercial fishing vessels, your policy will either use an actual cash value method or a replacement cost method. With an actual cash value method, if your fishing boat is damaged, the amount you receive will be calculated on the boat's current value minus the actual cash value depreciation. Insurance providers typically prefer to use actual cash payment measurements because they consider the vessel's present-day value as opposed to what it was worth when you first bought it, allowing them to pay you less when you file a claim. In contrast, policyholders tend to prefer the replacement cost method, given that it doesn't take into consideration any depreciation, meaning a larger insurance reimbursement for their losses.

How can I keep my boat safe and secure?

Given that you'll likely store your commercial fishing boat in the marina to keep your boat safe and secure while you're home for a couple of weeks until your next excursion, there are a couple of tasks you can do to protect your fishing vessel. The first thing you need to do is ensure that your commercial fishing vessel is securely tied to the dock and that your anchor is in place. Beyond this, ensure you and your crew store away any fishing gear, machinery, and other tools commonly used to prevent them from being stolen. You may also want to set up alarm systems and security cameras on your vessel. Lastly, make sure that the marina or wharf you are docked in has good security.

What should I pay attention to at boat shows?

If you're a commercial fisherman who enjoys being out on the water as a hobby, you may enjoy boat shows in Canada. To get the most value out of the exhibitions, attend the keynote speaker sessions offered by the organizers. They are a great way to get new knowledge and look into new boating equipment. Furthermore, if you're deciding between boat models, this is an excellent opportunity to seek assistance from the sales teams there and go aboard each boat to get a feel for it. Furthermore, boat shows are an excellent way to meet other boaters, try out new products, and receive free samples!

What boat safety requirements should I keep in mind?

Before you venture out on the water, make sure your boat adheres to all of the boat safety requirements. Life vests are among the most important items you should keep on your boat at all times. If you're travelling with guests and small children, make sure you have various sizes to ensure everyone has a vest that fits. Apart from life jackets, you'll need a reusable flotation device in case someone slips overboard. A fire extinguisher in case of a fire, visible signals, and sound devices in the event an emergency occurs and you need to signal for help.

It's my first time owning a boat, what should I know?

Lots of commercial fishermen enjoy recreational boating outside of work, and that includes owning their own watercraft. If it's your first time owning a vessel, we recommend overviewing a first-time boat owner's checklist and keeping it handy with you while out on the water. Additionally, make sure you have the right insurance coverage in place before going on your next boating trip for peace of mind in case the unexpected occurs.

Is it possible to save money on my commercial insurance premiums?

Yes, saving on your insurance premiums is possible if you have a commercial fishing business. The best thing you can do in this scenario is reach out to a broker. Brokers work independently from insurance companies, which means they can help you shop around for the ideal coverage. Beyond this, there are actually numerous insurance discounts that commercial owners may qualify for, especially if they're members of certain organizations. So, if you're looking to save money while ensuring that you're still comprehensively insured, partnering with a broker is your best bet.

Why do fishermen get employment insurance (EI)?

As fishing is a seasonal business, commercial fishermen who are considered self-employed will qualify for EI, given that they are unable to work for certain parts of the year. Note that to qualify for worker's compensation, you will need to fulfill certain qualifications before your EI is approved. We recommend speaking with a representative from the Government of Canada if you have specific questions regarding your eligibility.

How can I register my fishing boat in Alberta?

Regardless of whether you operate a commercial fishing boat or recreational watercraft in Alberta, you are legally required to register your vessel with Transport Canada. To register your boat in Alberta, you'll need to fill out a registration form, which you can obtain directly from the Transport Canada website. Once correctly filled out, you'll need to pay a $250 fee. Once the registration goes through, you'll receive a licence ID number proof of ownership and be able to name your vessel. Additionally, you'll be able to use your commercial fishing boat as a form of security for your marine mortgage.

If you have any questions, contact one of our local branches.