New law tackles soaring insurance rates for Alaska commercial fishermen

Commercial fishermen in Alaska will soon have a new option to bring down a cost that has skyrocketed in recent years: crew and vessel insurance.

The state legislature passed a bill earlier this year that allows Alaska fisherman to create insurance pools, or co-ops, that typically offer lower insurance rates. The bill became law last week without a signature from Gov. Mike Dunleavy.

The new law was prompted by soaring insurance rates and reduced insurance availability, both of which are among a long list of challenges facing commercial fishermen. Driving the trend: inflation and a shrinking number of companies willing to provide coverage.

“Our seafood industry as a whole is in such dire straits,” said State Rep. Louise Stutes, a Republican from Kodiak whosits on a seafood industry-foc