Instructions
Instructions
Insurance for motorized fishing vessels
According to Article 1 of the Fund’s Internal Regulations issued by Ministerial Decree No. (1030) of 2003, the Fund undertakes mandatory insurance for motorized fishing vessels owned by aquatic resource cooperative societies and their members, and for those working on them, within the limits specified in these regulations.
It also undertakes optional insurance outside these limits for motorized fishing vessels subject to insurance.
Fishing vessels subject to insurance:
A motorized fishing vessel is defined as any floating unit engaged in fishing in marine waters and powered by a fixed internal engine.
Mandatory Insurance: Insurance is mandatory with the Fund for motorized fishing vessels owned by aquatic resource cooperative societies and their members, and for those working on them, within the limits, terms, and prices specified below:
“The insurance policy approved by the Egyptian Insurance Supervisory Authority is considered one of the necessary documents for issuing and renewing the fishing license for the aforementioned vessels.”
Mandatory Insurance Premium:
The mandatory insurance premium for vessels At a rate of (1%) (one percent) annually of the insurance amount stipulated in Article (18) of the regulations.
Risks covered by insurance for fishing vessels
The insurance provided by the fund covers the total loss or destruction of insured motorized fishing vessels, with compensation paid in full. Accidents resulting in partial damage to the vessel due to collision, grounding, or unintentional partial fire are covered with compensation of 50% of the repair costs, provided that the fund’s share during the insurance year does not exceed 50% of the insurance amount. In all cases, a committee from the Fund shall be formed to investigate the incident, inspect, assess the damages and repair costs, provided that one of the members of the committee is an expert in inspection and damage assessment registered with the Egyptian Insurance Supervisory Authority. The right to compensation shall be forfeited if it is proven that the total loss, destruction or partial damage to the vessel is due to a deliberate act by the owner of the vessel or the workers on it or due to a serious technical error. The right to compensation shall also be forfeited if the accident causing the total loss, destruction or partial damage to the vessel occurred outside the sea waters in which the vessel is licensed to fish or due to acts of piracy outside this area. The insurance policies issued by the Fund expire on December 31 of each year, like fishing licenses, and the insurance policy issued by it remains valid, like the fishing license, until March 31 of the following year, which is the period specified by the Fishing Law No. (124) of 1983 for the renewal of licenses from January to March 31 of each year. Any accident involving fishing vessels after March 31st will not be covered by the fund; therefore, it is in the best interest of fishing vessel owners to renew their insurance policies before March 31st of each year.
Compulsory insurance for workers on motorized fishing vessels
Insurance is mandatory with the Fund for workers on motorized fishing vessels. Insurance for workers on motorized fishing vessels is limited to the number of workers the vessel is authorized to use by the Maritime Inspection. The vessel owner pays the Fund 0.5% (one-quarter of one percent) annually of the vessel’s insurance amount in return for insuring the vessel’s crew members working on it, without prejudice to any benefits stipulated by the Social Insurance Law. The Fund pays compensation of (20,000 Egyptian pounds) (twenty thousand Egyptian pounds) for each death on the vessel of workers on it as a result of an accident. In the event of disability resulting from an accident during work, the Fund pays compensation equivalent to the percentage of disability to the insurance amount due upon death. The percentage of disability is determined by a decision of the competent medical authority designated by the Fund’s Management Committee, taking into account the percentage stipulated in the Social Insurance Law. The right to compensation for the worker is forfeited if the injury or death occurs due to the vessel being exposed outside the maritime waters in which it is authorized to fish. The owner of a vessel on whose vessel a fisherman dies or is injured must promptly notify the Fund in Cairo or its designated representative of the incident within ten days of the death or accident, or the date they become aware of it, whichever is earlier. The injured fisherman or the family of the deceased must also make this notification within the aforementioned timeframe. The insured’s obligations: Upon becoming aware of an accident that may result in losses or damages giving rise to a claim under this insurance, the insured or their representative is obligated to send a written notification to the Fund within ten days of the accident or the date they become aware of it, whichever is earlier. The required documents will be submitted subsequently. The insured is also obligated not to carry out any repairs on the vessel except after inspection by the Fund’s competent committee. If the fishing vessel is abroad, the Fund must be notified. The insured waives to the Fund all their rights and claims against third parties or beneficiaries of any loss arising from the insured risk. Anything left over from the loss of the vessel’s hull or equipment becomes the property of the Fund. If the insured wishes to retain it, 50% of its value will be deducted from the compensation amount. The insured must file an official report of the accident with the competent authority immediately upon the occurrence of the accident or upon becoming aware of it, whichever comes first.
Compulsory insurance for motorized fishing vessels and their crews
Documents to be submitted when applying for or renewing insurance:
1- Application for membership in the fund or renewal of membership, with all required information accurately completed.
2- Copy of the vessel’s registration certificate from the Maritime Inspection Authority.
3- Copy of a valid navigation license issued by the Maritime Inspection Authority, valid for at least one month.
4- Copy of the fishing license for the previous year for vessels engaged in fishing. Newly constructed vessels or those fishing for the first time are not required to provide a fishing license for the previous year.
Documents to be submitted for the first time when claiming insurance:
A) For fishing vessels:
1- Written notification from the insured to the fund immediately upon becoming aware of the accident.
2- A certified copy of the official accident report from the competent authority.
3- A letter from the competent Border Guard Intelligence Office or a copy of the vessel’s logbook, including (the vessel’s departure and return dates, the date and description of the accident, and the names of the crew members at the time of departure).
4- Copy of the insurance policy. b) In the event of death of a crew member:
– The family of the deceased crew member submits an application for the insurance payout, accompanied by the following documents:
1- A certified copy of the official report from the competent authority.
2- A letter from the competent Border Guard Intelligence Office stating the name of the deceased, the date of death, and the cause of death – if available – or a copy of the duty roster.
3- A death certificate.
4- A certificate of inheritance for the deceased crew member and a guardianship document for any minors, if applicable, when disbursing the insurance payout.
5- Powers of attorney from the beneficiaries, authorizing one of them to receive the insurance payout, as desired. – In the event of an accident:
1- A certified copy of the official report from the competent authority. 2- A letter from the relevant Border Guard Intelligence Office or a copy of the vessel’s logbook, specifying (the name of the injured worker, the date and location of the injury, and the vessel’s departure and return dates).
3- A report from the medical committee appointed by the Fund’s management committee, specifying the percentage of disability preventing work, taking into account the percentages stipulated in the Social Insurance Law.
Documents to be submitted when receiving compensation for the vessel:
1- The original vessel registration certificate from the Maritime Inspection Authority, for review and return.
2- The original, most recent navigation license issued by the Maritime Inspection Authority, for review and return.
3- The original fishing license, for review and return.
4- A certified copy of the police report and the relevant disbursement from the Public Prosecution Office.
5- A letter from the Border Guard Intelligence Office specifying the port of departure, the fishing trip date, and the return date, if available, or a copy of the logbook.
6- A certificate of no outstanding debt from the relevant association. Compensation will be disbursed in cases of multiple vessel owners, each according to their ownership percentage as specified in the vessel registration certificate from the Maritime Inspection Authority, or to their authorized representative with a notarized power of attorney.
