For buying the policies, the fish farm should be done in at least 200 sq. m. and 3 feet depth, except in the case of trout farming which has separate technical requirements.
The farmers can buy insurance policy by paying not more than two percent of the sum assured as premium amount, which is set as a higher limit bar for the insuring companies. But if fishes are grown adopting a highly intensive fish farming technology, a 10 percent discount will have to be given on the premium amount.
The insurance policy covers the loss from from fire, lightning, earthquake, floods, drought, typhoon, hailstorm, diseases, lack of oxygen, excess use of ammonia or use of poisonous substances, among others.
Compensation will be given to farmers based on product or production value. This means insurance coverage will be provided based on market value of fully grown fishes or cost incurred in rearing fishes till the time of their harvest. (This is unlike in the case of crops, livestock and poultry insurance (LinK) in which coverage is provided on cost incurred in growing products till the time of their harvest.) A compensation of 90 percent of sum assured will be given by insurers in the above mentioned loss reasons.
However, insurance companies does not compensates the claims on losses caused by carelessness or overcrowding of fishes in ponds, and if fishes have to be destroyed on government instruction.
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