Commercial Fishing Industry Vessel Safety and Compensation Act of 1987

Commercial Fishing Industry Vessel Safety and Compensation Act of 1987 - Title I: Compensation for Temporary Injury on Fishing Industry Vessels - Amends Federal law to limit the liability of an employer for the temporary illness, injury, or disability of a seaman employed on a fishing, fish tender, or fish processing vessel as long as the employer has in effect certain prescribed minimum illness or injury maintenance coverage. Requires the Secretary of Transportation to annually review the dollar figure representing the annual minimum payment for a seaman's illness or disability, and to make certain adjustments to such figure if necessary. Requires a seaman to bring an action to obtain such coverage within two years from the date the cause of action accrued.

Title II: Commercial Fishing Industry Vessel Safety - Amends Federal law concerning fishing vessels to prescribe and require the prescription of certain safety standards on all fishing, fish tender, or fish processing vessels. Defines the international equivalent of such required vessel safety standards. Authorizes the appropriate safety official to take action with respect to vessels operating in an unsafe condition or in violation of standards set forth under this Act. Authorizes the Secretary to exempt certain vessels from such standards for good cause shown. Imposes civil and criminal penalties for violations of this Act.

Directs the Secretary to establish a Commercial Fishing Industry Vessel Advisory Committee (the Committee) to advise, consult with, report to, and make recommendations to the Secretary concerning various vessel safety matters. Directs the Secretary, at least once a year, to publish a notice soliciting nominations for membership on the Committee. Directs the Secretary to designate a representative to participate as an observor with the Committee. Requires the Secretary to consult with the Committee before taking specified action affecting fishing, fish tender, or fish processing vessels. Terminates such Committee on September 30, 1992. Requires the Committee, two years prior to such termination, to recommend to the Congress whether the Committee should be renewed and continue beyond the termination date.

Requires the Secretary to compile statistics concerning marine casualties in connection with fishing, fish tender, or fish processing vessels. Requires a person underwriting insurance for such vessels to periodically submit to the Secretary certain data regarding marine casualties. Provides penalties for those persons failing to provide such data.