Registered ship owners should maintain compulsory insurance or other financial security to cover liability under Nairobi International Convention on Removal of Wrecks, 2007, the Times of India reports
Nairobi International Convention on the Removal of Wrecks adopted by diplomatic conference held in Kenya in 2007, provides legal basis for States to remove, or have removed, shipwrecks that may have potential to affect adversely safety of lives, goods and property at sea, as well as marine environment.
Indian Government is in advanced stages of ratifying the convention, said Capt PVK Mohan, chairman, National Shipping Board (NSB). Adopted on May 18, 2007, the convention will come into force once majority of the international maritime states ratify it, he told reporters at the end of 120 thNSB meeting here. This will largely address issues of hazards posed to international maritime traffic by wrecks of ships dotting various coastlines, he said.
Problem of removal of wreck is accentuated by fact that some vessels have single owners who abscond when the vessel capsizes. The convention will make it mandatory for the insurer to meet the costs in such condition, he said, adding that while the owner(s) may abscond, it is not easy for the insurers, who are established players in the market to do so and will have to meet their obligation in meeting costs towards removal of ship wrecks
Source: The Times of India
