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Panama Joins Wreck Removal Convention

by Mike Godfrey, Tax-News.com, Washington

27 August 2015

Panama has become the 24th Contracting State to the Nairobi International Convention on the Removal of Wrecks.

Arsenio Dominguez, the Permanent Representative of Panama to IMO, met IMO Secretary-General Sekimizu to deposit the instrument of accession to the Convention on August 18.

The Convention, which entered into force in April this year, places strict liability on owners for locating, marking, and removing wrecks deemed to be a hazard and makes State certification of insurance, or other form of financial security for such liability, compulsory for ships of 300 gross tonnage and above. The 24 Contracting States, including the Isle of Man, now represent 58.08 percent of world merchant shipping tonnage.

The Nairobi International Convention on the Removal of Wrecks entered into force internationally on April 14, 2015. The Convention has been extended to the Isle of Man and implemented by the Merchant Shipping Act 1995 (Application) Order 2014. The Convention applies to Manx-registered ships regardless of their location and foreign ships visiting an Isle of Man port.

As a result, ships of 300GT and above are required to carry a certificate, known in the UK and IOM as a Wreck Removal Insurance Certificate, which has been issued by a State party to the Convention attesting that the necessary insurance is in place.

TAGS: Isle of Man | Insurance | marine | insurance | Panama

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