asked the Minister for Fisheries and Forestry if he will make a statement on the present position regarding insurance cover on fishing boats; and if there are any proposals to change the existing situation in relation to such insurance cover.
Ceisteanna—Questions. Oral Answers. - Fishing Vessels Insurance Cover.
21.
All fishing vessels in which an Bord Iascaigh Mhara have a financial interest must be insured either under the board's fleet policy, (that is, a group insurance scheme organised by the board), or by private arrangement with insurers approved by the board.
I understand from the board that the arrangements to operate in 1985 are currently being reviewed by the board.
Are the fishing vessels insured through BIM insured at market value or at the value at which the boats were built?
I am not an insurance expert but my understanding is that any insurance company insures goods at their market value and that if one insures below the market value and encounters problems subsequently, the company will reduce the compensation. I presume no insurance company values goods at below the market value, contrary to what the Deputy is suggesting.
Will the Minister accept that a claim is being made in respect of a certain boat through the agents BIM but that efforts are being made to reduce the value of the vessel by about 50 per cent?
That is a specific question. The Minister could not be expected to have particulars of the case in question.
In that case, I shall put the question on a general basis. Would the Minister consider it correct that the attitude of BIM towards insurance should be such that the fishermen do not know where they stand in so far as the value of their boats is concerned?
In his own interest, a fisherman should be aware of how much his boat is insured for. I have not heard of the case to which the Deputy alludes.
The fisherman knows how much the boat is insured for but BIM are telling him that it is insured for about half that amount. If I supply the Minister with the deals will he have the matter investigated?
On receipt of the details I shall have the case examined and shall contact the Deputy in relation to it.