House Bill 116 addresses "a growing crisis in the commercial fishing sector: the soaring cost and declining availability of vessel insurance," says this press release from the Alaska House Majority Coalition. "Traditional insurers have increasingly raised premiums and refused coverage for older vessels, making it difficult for many small operators to stay in business."
Some insurance pools already operate in Alaska, but they're based in Washington state, the sponsor statement for HB 116 says.
The bill now goes to the Senate for consideration.
1 comment:
Keep sinking boats and killing people. Rates relate to the costs of insuring those who are basically uninsurable. Modest incompetence didn't do this to the fleet, all the mind-boggling screwups did.
"Risk comes from not knowing what you're doing." Warren Buffett
Warren Buffett bought his first insurance company in 1967, and teaches the term "float" used by all his CEOs. The pool idea won't save this gene pool. Buffett left Alaska — he was going to build a gas line, but that Polar Pen investigation taught him the whole state's uninsurable, and it starts in the governor's office.
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