FMC Issues Vessel Financial Responsibility Proposal
The Federal Maritime Commission (FMC) issued a Notice of Proposed Rulemaking (NPRM) that would, if adopted, eliminate the current ceiling on required coverage of financial responsibility for nonperformance, adjust the amount of coverage required by providing for consideration of obligations of credit card issuers, provide for use of alternative dispute resolution, revise the
application form, and make a number of technical adjustments to the Performance and Casualty regulations. Comments should be submitted by
January 8, 2003.
Source: HK Law