Insurance brokerage for North American aquaculture

01 Jun 2011

"Insurance coverage is something that has been missing from our domestic industry for far too long"

Meslee Insurance Services Inc., an insurance brokerage located in Los Angeles, has announced the formation of a new specialty insurance brokerage unit, Aquaculture Insurance Exchange (A.I.E.), catering to aquaculture risks located in North America.

President Solomon Meskin Ph.D., LUTCF has branched out to supply the aquaculture industry with insurance and risk management options that are unprecedented in the industry.

According to Mr Meskin, “Seafood production by means of aquaculture is becoming more and more common in the United States and we are excited to pioneer the effort to solve the one of the industry’s biggest needs. Although attempts by various insurers to address the industry needs have failed in the past, A.I.E. has developed new programs to address the current vacuum.”

With over 50% of consumed seafood produced by the aquaculture sector, aquaculture has evolved into one of the fastest growing industries in today’s economy. Unfortunately, many ventures have failed or suffered catastrophic losses due to the risky nature of the business and unavailability of insurance coverage that would normally allow them to survive such events.

Mr Meskin addressed this issue stating that, “Many domestic aquaculture ventures never come to fruition due to the high risk nature of the business. All it takes is one infection or natural disaster and a farmer is left with nothing.” This no longer needs to be the case.

Mr Meskin went on to say, “By purchasing insurance on their stock, farmers will now be able to absorb losses and survive catastrophes that they would never have been able to before. What’s even more exciting is that we will be consulting eligible applicants on risk management techniques to help avoid potential threats.”

By means of an exclusive relationship with the largest insurer of aquaculture risks worldwide, as well as the partnership with an in house aquaculture specialist and risk consultant Todd Blacher, A.I.E. has the expertise to consult and address the specific risk issues unique to any farm.

Mr Blacher, who has been consulting fish farms internationally for over 17 years, added, “Insurance coverage is something that has been missing from our domestic industry for far too long. Not only will it provide peace of mind, but it will also help farmers gain access to investment capital for expansion and provide social and economic stability that is otherwise nonexistent.”

According to A.I.E., Insurance policies are to cover risks such as stock mortality, product liability, equipment malfunction/breakdown and more. Furthermore, coverage is available for virtually any type of specie or farm.