The Government and the Fishermen’s Cooperative have signed an agreement where the latter will be issuing an insurance policy with a private company in which the fishermen will be able to insure their vessels.

The government will be helping out on a three year period starting from May 1, 2013.

Around 1000 vessels which fall under the MFA and MFB categories will benefit from this scheme.

Therefore, for the next three years, fishermen will be able to benefit from this insurance policy, with 80% of the expenses to be paid by the Government.