CHES Special Risk Inc. Today Launched their Aquacultural Fisheries Program Offering

In keeping with their innovation in emerging markets, and supporting fledgling economic growth here in Canada, CHES Special Risk Inc. responds to the growing fish farming Industry here in Ontario.

“Aquaculture, or farmed seafood, is today among the fastest food producing sectors in the world. It’s healthy and nutritious and accounts for nearly half of all the seafood in the world”, states a recent press release from the Canadian Aquaculture Industry Alliance, “Few jurisdictions can match Canada’s natural advantages when it comes to aquaculture – an enormous coastal geography, an abundance of cold, clean water, a favourable Climate, a rich marine and fishery tradition, established trade partners and a commitment to protect our environment”, the release went on to say.

Aquaculture occurs in every Province in Canada and accounts for $3.1 billion in economic activity and employs over 15,000 workers and generates over one-third of the total value of Canada’s seafood production, thats a lot of fish!

In response to demand CHES Special Risk Inc. has developed a Stock Mortality Insurance Package for Companies or individuals rearing aquatic animals (vertebrates or invertebrates) for commercial purposes, and our target appetite is as follows:

– Edible and ornamental fish
– Bivalve molluscs such as mussels, scallops and oysters
– Gastropod molluscs such as abalone
– Crustaceans such as shrimp, crayfish and lobsters
– Higher vertebrates such as frogs and turtles

Coverage is available for stock mortality either as a result of nominated perils or on an “all risks” basis according to the nature of the risk and preferred premium spend of the insured, for risks that are both land based, or off shore in Lakes or other large body’s of water.

Indemnity is agreed at the outset with an “agreed value” established in the policy and is calculated using the production cost of fish or shellfish of less than market size and then market value of larger stock. This may be reviewed during currency of the insurance.

Mortality cover indemnifies the insured against mortality or physical loss of stock, which can include drowning and normally includes cover for total loss of market value of stock.

Associated with the Production of a food source is the potential for Product Recall as a result of pollution and coverage may also be offered against Accidental Product contamination during processing, Malicious Product tampering during processing and Product extortion demand.

CHES Special Risk are able to offer coverage associated with the costs of recall including pre-recall costs, increased cost of working, product rehabilitation costs, incident response costs and loss of income may be covered.

Buildings Machinery and Equipment and General Liability associated with the farms are also available from our experienced team of Underwriters.

For more Information on the Product and Services offered by CHES Special Risk please contact the President:

Douglas D. Everett
President
CHES Special Risk Inc.
Tel: 613 745 6100
Email: QuoteMeHappyOttawa@chesspecialrisk.ca

ABOUT CHES Special Risk Inc.

CHES Special Risk Inc. was established as a Managing General Agent and Wholesale broker in 2004, in response to Broker demand to a hardening market place, commencing with a particular speciality in the Entertainment and Hospitality business, later becoming a fully accredited Lloyd’s coverholder in 2009. CHES Special Risk are a fully Independent MGA delivering “A” Rated capacity both in the Hard to Place, and Standard lines classes and support their Retail Brokers in Growing and developing their businesses.

More information regarding CHES Special Risk can be found at: http://www.chesspecialrisk.ca

More Information regarding Insurance Information Consulting Services can be found at: http://www.iic.ca/