If you manage a fishing company, are you respecting the boundaries put in place by the government that dictate where you can and can't operate? It's important to ask this time and time again, because these can change, especially if you share fishing waters with a neighboring nation.
The Wall Street Journal recently reported on a change in relations between Japan and South Korea, whereby both countries will now work around prohibitions in their respective oceans when it comes to where fishing vessels can operate.
This arrangement has resulted because each side has different desires when it comes to these limitations. More than 850 boats were allowed to cross over into the ocean on each side last year, but now the issue centers around the size of the boats involved.
Although the limits for each country are usually established by the end of June, it seems that these negotiations will keep going for now. Fishing boat insurance needs to be applied to all vessels so they are prepared for these changes.
The Journal quoted a member of Korea's Ministry of Ocean and Fisheries named Moon Seong-pil on some of the considerations taken as these discussions continue.
"We have to revise the law in parliament to raise the limit to 199 tons as requested by Japan, which would be not that simple," he said.
By defining these boundaries, countries might be in a better position to respond when a boat sinks. Fishing and shipping lanes also need to be coordinated so they complement each other and don't lead to collisions.
It can be easier for fishing companies to obtain the coverage that they need when it comes to new fishing arrangements if they shop for boat insurance online before hand and know what they are getting into.