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Member, Beacon International Group, Ltd.
The Insurance Board of Nepal has finalized a fisheries insurance policy that requires all nonlife insurers to provide coverage to fish grown in ponds of at least 200 square meters.
The policy does not permit insurers to collect more than 2% of the sum assured in premiums. However, a 10% discount will be granted on the premium if highly intensive fish farming technology is used. Coverage will be provided on the market value of fully grown fish or the cost involved in rearing fish until they harvest.