Return to Written Question 18-12(7), asked by Mr. Patterson and replied to by the Minister of Economic Development and Tourism, concerning the future of federal fishing vessel insurance program.
The fishing vessel insurance plan will be gradually phased out over the coming fiscal year. The original plan was to cease issuing policies as of April 1, 1995. It is our understanding that the insurance scheme was extended one (1) year because the Department of Fisheries and Oceans is exploring the possibility of another body, the harvester's council, assuming some role in fishing vessel insurance.
Insurance coverage under the plan has been purchased by owners of ten vessels in the Northwest Territories. The owners of these vessels will have to make alternate arrangements by April 1, 1996. Staff will closely monitor this situation and determine the impact on the commercial fishery in the Northwest Territories.