Japan Has New Ship Insurance Requirement
Wednesday, March 02, 2005
The Japanese Ministry of Land, Infrastructure and Transport issued a Notice stating that, effective 1 March 2005, non-tank vessels over 100 gross tons must have P&I insurance coverage, must carry on board a copy of the Certificate of Financial Security issued by the Ministry, and must report the status of insurance and identification information before entering port. The reporting requirement also applies to oil tankers carrying more than 2,000 tons of oil in bulk as cargo. This new requirement was not finalized and promulgated until shortly before it came into effect. There are indications that the Ministry will grant a short grace period before it commences full enforcement, but this is uncertain and the length of any grace period is unknown at this time. (HK Law).