FMC Amends Financial Responsibility Regulations

Monday, July 08, 2002
The Federal Maritime Commission (FMC) has amended its rules on passenger vessel financial responsibility for nonperformance of transportation by eliminating the availability of self-insurance, limiting guarantees to those Protection and Indemnity Associations approved by the Commission, and discontinuing the existing sliding scale formula for determining the amount of coverage required. The changes come into effect on August 5, 2002.
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