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China - Zhangzidao Claims Losses from Typhoon that Hit Scallop Beds near Dalian
Date: August 16, 2015
Aug 13, 2015
The damage was done on August 6th. The announcement caused a stir because last year the company claimed a large unexpected loss of scallop inventory from changes in sea currents. Ultimately, an investigation found that the company had not wilfully mistated its inventories.
Zhangzidao said the damage consisted of three types.
First, houses and buildings on the site suffered wind damage.
Second, some damage was done to scallop seed, conch, and sea cucumbers and sea urchins. These were mostly hanging mariculture.
Finally, the sea bed inventory may have been affected, and the company has asked for a further investigation, and will make a subsequent announcement.
Zhangzidao also said that it carried insurance for some of this damage, having purchased a 'mariculture and wind index' insurance policy.
Official Chinese weather stations recorded winds as high as 85 mph during the storm. This triggers the policy, says Zhangzidao.
In response to a reporter’s query, the company also said it was too early to determine whether the insurance claims will cover the full extent of the damages.