That means Cooke Aquaculture Pacific probably have to deal with the loss on their own.
“Also if the local authorities should know that such an insurance should exist then a stamp out (culling) would be more likely to be issued”, says Geir Bjarne Myre, global product manager for aquaculture insurance at XL Catlin.
“I don’t think that what happened in Washington would be insured as its a stamp out. The most important thing is to always remember, for aquaculture insurance, the fish must either die, escape or stolen. You can insure against death from different perils – like for instance a storm, disease, frost, for pollution, algae’s, predators etc”, says Myre.
But since culling is not a natural influence it can’t be insured.
“You can choose how much insurance cover you want. A stamp out is not part of that. Stamp-outs are random from country to country, so insurers are not able estimate the risk correct and therefore not able to set an adequate premium rate, says Myre.
Salmon Business har contacted Cooke, but they have issued no comment.