The Fuel Incentive Scheme
The Fuel Incentive Scheme (FIS) is a government assisted excise tax concession on fuel aimed at reducing the operational cost of fishing activities. Eligible benefactors benefit from a reduction in fuel at the concession rate of SCR8.50 per litre.
Type of Entity and Purpose of Concession:
Boat Owners: (Fuel for the exclusive purpose for fueling vessels undertaking commercial fishing activites) -Concession 100% of the applicable rate.
SFA: (Fuel bought for resale for the exclusive purpose for fueling vessels undertaking commercial fishing activities (excluding shark fishing)) – Concession 100% of the applicable rate.
The Sickness Benefits
The sickness benefit scheme is a benefit paid to fishers if they are unable to work due to illness or injury. Registered boat owners and fishermen obtain SCR67 per day on a doctor’s approved sick leave. The SFA registration card has to be produced upon seeking financial assistance.
Fisheries Insurance Scheme
A voluntary insurance scheme available for all full-time boat owners registered with SFA. The scheme is available for values up to SCR2,000,000 per vessel.
Section A – Marine Hull
Covers the entire vessel and its machinery from damage sustained from perils of the sea, tsunami, fire, piracy, volcanic eruption and lightning. Themaximum sum insured eligible under the scheme is SCR2,000,000 per vessel, and is subject to an excess of SCR5,000 or 10% of the claim value (whichever is the higher), to be retained by the insured.
Section B – Third Party Liability
Covers any loss or damage or injury caused by the insured to a third party, such as to any other vessel or property, accidental loss of life or bodily injury. The third-party liability cover has an annual limit of SCR500,000. It is subject to an excess of SCR5,000 or 10% of theclaim value (whichever is the higher), to be retained by the insured for property damage. There is no excess for personal injury.
Section C – Personal Accident
Covers a combination of accidents which may result in bodily injury, accidental death, permanent total disablement, and permanent/partial disablement sustained by the Insured. Illnesses are excluded. The maximum personal accident limit amounts to SCR100,000 for any one fisherman.
The boat owner must advise the SFA of a claim within 48 hours.
Cost of Insurance –4% of the Insured boat value of which 50% is paid by the Government of Seychelles.