Maintenance of insurance or other financial security

Infrastructure2025327 sections

Chapter I WRECK

Statutory text

(1) Every registered owner of an Indian vessel of gross tonnage of three hundred and above shall, for the purposes of covering his liability under this Chapter, be required to maintain compulsory insurance coverage or such other financial security, as may be prescribed.
(2) Every ship owner or operator of a ship other than an Indian vessel of gross tonnage of three hundred and above, while it is in the area to which this Chapter applies, shall maintain insurance coverage or other financial security to cover his liability under the Convention and shall carry onboard a certificate to that effect.
(3) The certificate referred to in sub-section (2) shall, in case the ship is,--
- (a) registered in India, be granted by the authority;
- (b) registered in a Convention State other than India, be granted by or under the authority of the Government of that State; and
- (c) registered in a State which is not a Convention State, be granted or certified by the appropriate authority authorised by any Convention State.

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