Newsletter
MARINE POLLUTION INDEMNITY INSURANCE
Under Article 33 of the Marine Pollution Control Act, the owner of a vessel with a gross registered tonnage of 400 tons or above, or of an oil tanker or chemicals carrier with a GRT of 150 tons or above, must take out liability insurance. To en-sure that compensation will be paid out for pol-lution incidents caused by vessels in ROC waters, from 1 July 2005 the Environmental Protection Administration requires that owners of the above-mentioned vessels take out pollution li-ability insurance or provide a surety, in amounts that vary according to the vessel tonnage. Fail-ure to comply will trigger administrative fines ranging from NT$600,000 to NT$3 million.