Shipping Act Article 14

Any vessel carrier shall subscribe to operator liability insurance in accordance with the amount provided by MOTC.Any vessel carrier engaging in transportation of passengers shall subscribe to insurance covering injuries to passengers.The beneficiary of the aforementioned insurance policy shall be limited to the insured party or his legal heir without being subject to paragraph 1, Article 132 and Article 135 applying mutatis mutandis to Article 105 & 107.Upon expiry of the insurance mentioned in paragraph 1 & 2 of this Article the vessel carrier shall obtain renewal.The execution, alteration, termination or dissolution of the insurance contracts mentioned in paragraph 1 & 2 of this Article shall be by written notice to MOTC by the vessel carrier and the surrender shall not be effective without the approval of MOTC; manner of insurance, threshold of insurance, coverage and other related matters shall be prescribed by MOTC on discussion with related authorities.