New tool aims to hook illegal fishing by raising alarm for insurers
Global maritime insurers are signing up to a scheme that aims to deter illegal fishing by alerting providers to signs their clients might be engaged in the damaging practice.
Vessel Viewer, announced at a marine underwriters’ conference last week in Chicago, is one of the fruits of the Net Zero Asset Owner Alliance established at the United Nations’ 2019 climate action summit. Financial industry companies committed under the alliance to action to combat environmental threats.
Insurers can face prosecution if they provide cover to vessels that fish in waters where they lack permission to do so, exceed set quotas for catches or are guilty of other clandestine acts. Insurers believe that vessels that engage in such activities also pose a greater risk of fraud and other misconduct.
This story originally appeared on: Financial Times - Author:Robert Wright
