June 12, 2023 — A new contract clause released by a leading global insurance and reinsurance marketplace essentially strips rights to insurance from any vessel found to be engaged in illegal, unreported, or unregulated (IUU) fishing.
The clause, issued by the London Insurance Market’s Joint Hull Committee – which represents and works with members of Lloyd’s Market Association and the International Underwriting Agency – allows insurers to waive coverage on vessels found to be listed on the IUU fishing lists of “one or more regional fisheries management organizations” (RFMOs) The clause also states that if a listed vessel is in the same ownership, same group of companies, or same management “as any other vessel” insured, underwriters may cancel the insurance of a “related vessel” with seven days notice.