COAST parametric insurance approved for the fishing industry in Grenada, Carriacou and Petite Martinique

Fishing boats near the Melville Street Fish Market

The Ministry of Climate Resilience, the Environment, Forestry, Fisheries, Disaster Management and Information has received cabinet approval for the implementation of COAST, which is a parametric insurance for the fishing industry in Grenada, Carriacou and Petite Martinique.

COAST stands for Caribbean Ocean Assets Sustainability Facility. The implementation will be in collaboration with the Caribbean Catastrophe Risk Insurance Facility (CCRIF), as a pilot programme commencing 1 July 2018. The value for year one is US$100,000 and payouts will be based on triggers.

The parametric insurance will be an additional incentive for the fishing industry in the tri-island state.

It is envisioned to support climate resilience through two objectives, namely: To protect the food security of Fishers, and to promote sustainable livelihoods in the fishing sector.

The ministry’s database has 3,404 registered fishers. Fishers receive significant incentives in the form of concessions for the following items: outboard and inboard engines, boat repair material, boat building material for initial construction of commercial fishing vessels, fishing material and equipment, navigation and safety items, deck equipment, boat auxiliary supplies, fish export supplies and fuel (excluding lubricants).

Presently, small boats up to 25 feet pay EC$5 for Vessel Inspection Fee and boats above 25 feet pay EC$15.

The ministry is making arrangements for hosting island wide sensitisation workshops with fishers to discuss the roll out of COAST. It is anticipated that these will begin in the final week of July 2018.

For further information: Ministry of Climate Resilience, 3rd Floor Ministerial Complex. Telephone 440-3386 / GIS 440-2061 Leslie Ann Johnson-Cornwall.


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