Barbados’s fishing industry faces a critical insurance crisis as commercial operators navigate costly coverage gaps that leave vessels and livelihoods unprotected. Moonesh Dharampaul, leader of the Black Fin Fleet association formed after Hurricane Beryl, is urgently advocating for a national commercial fishing policy to establish proper insurance frameworks and vessel protections.
Dharampaul revealed that despite negotiations with the General Insurance Association of Barbados achieving a 3% comprehensive rate arrangement, current insurance products remain fundamentally inadequate for commercial fishing operations. “The insurance sector in Barbados is not fit for purpose,” he stated. “Their policies do not cover commercial fishing activities, creating unacceptable risks for our fishers.”
The coverage deficiencies are substantial: fishing gear worth thousands of dollars remains unprotected during operations, and vessels traveling beyond Barbados’s 200-mile economic zone into international waters lose all insurance protection. Approximately four insurance companies offer marine policies locally, but none at a commercially viable level for professional fishers.
Dharampaul emphasized that developing proper insurance mechanisms represents essential evolution for the industry. Fisherfolk have presented their case to the World Bank, insurance representatives, and government officials, highlighting how a tailored commercial policy would account for seasonal variability and climate change impacts – critical considerations as fishermen increasingly experience entire seasons without catch income.
Trust deficits complicate negotiations, with apprehension on both sides. Dharampaul expressed concern that without collective action, fishermen risk becoming “victims” of poorly implemented regulations. He appealed for reasonable implementation timelines alongside infrastructure improvements, noting that promised haul-out facilities and slipways should materialize by next May or March, coinciding with breakwater completion at fishing complexes.
The push for specialized commercial fishing insurance reflects Barbados’s broader transition to republic status, which Dharampaul characterized as “new territory” requiring collaborative solutions between industry and insurers to ensure adequate coverage for those risking their livelihoods at sea.