Protecting fishing vessels for over 90 years
In the early 1930s, a small group of vessel owners in Seattle was having difficulty obtaining hull insurance coverage. They came up with an idea. These conscientious fishermen believed that a collaborative membership of like-minded vessel owners would help to minimize losses and make coverage available at a reasonable cost.
While the membership has grown, the basic purpose remains unchanged—to create an association of fishing vessel owners who share responsibility for each other’s hull and machinery losses by encouraging the safe operation of member vessels.
How it started
How it works
Each Fund is directed by a Board of Trustees, elected by their membership, who are responsible for control of the funds and the review of new member applications. Board members work with the manager and the membership to reduce operational risks by implementing safety requirements. Annual member meetings serve to encourage active participation in the Funds' management.
Each year's funds are held for four years and conservatively invested. After the four year period, any remaining funds are returned to members as a reduction in next year's billing. Claims by members are first paid from their contribution, then from earnings set aside as additional reserves. West Coast Marine Fund, Pacific Marine Fund, and American Marine Fund routinely return a substantial percentage of members’ required contributions.