Compulsory Insurance Requirement News

The IMO stated that the diplomatic conference that met in London adopted a protocol to the Athens Convention Relating to the Carriage of Passengers and their Luggage by Sea, 1974. The Protocol would, if ratified by at least 10 States, impose a compulsory insurance requirement on passenger ship operators and raise liability limits to 250,000 Special Drawing Rights about $325,000. The amendments to the Convention are contained in a Protocol to the Athens Convention. IMO Secretary General William A. O'Neil said that the 2002 Protocol, when it comes into force, would provide a much-needed update to the 1974 Convention and he urged Governments to ratify the Protocol as soon as possible.