Compulsory Insurance for Shipowners' Cargo Liability: A Heresy or Logical Step?
Petar Kragić, Legal Counsel, Tankerska plovidba, Croatia
1. If someone wants to introduce an innovation, he has to give arguments against prevailing standpoints that support current status quo. In this article we shall try to give an answer to the question whether the time has come to introduce compulsory insurance for shipowner’s liability for cargo?
Current position of shipowner’s liability insurance
2. Over 90% of the world's merchant fleet is entered with the P&I clubs which provide third party liability insurance to the shipowners. The shipowners not entered with P&I clubs are some large shipping companies that have their own insurance arrangement (like captive insurance) and those shipowners who insure their liability with the commercial insurance market together with hull insurance or separately.
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