Bilgilendirme:

THE GOVERNMENT DOUBLED THE MINIMUM LIMITS OF MANDATORY COVER FOR SHORE FACILITIES MARINE POLLUTION LIABILITY INSURANCE

THE GOVERNMENT DOUBLED THE MINIMUM LIMITS OF MANDATORY COVER FOR SHORE FACILITIES MARINE POLLUTION LIABILITY INSURANCE

It is mandatory for shore facilities — ports, terminals, refineries, shipyards, recycling yards and similar — to obtain insurance cover for marine pollution liability pursuant to the Law no. 5312[1]. Minimum limits of cover are set by the Prime Ministry and the Treasury Undersecretariat and the previously applicable limits were updated by the new limits published in the Communique on the Shore Facilities Mandatory Financial Liability Insurance for Marine Pollution on 25 April 2018 (the “Communique”).

The new minimum limits which impose an increase of 100% compared to the previous limits of cover are as follows:

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The insurer is free to determine the applicable insurance premiums pursuant to the terms of the Communique, taking into account several parameters such as the shore facility’s scope of activity, annual processing, production and/or cargo handling capacity, location, existing safety measures, risk appraisal and emergency response plans. The Communique stipulates that the increased limits of cover shall apply to all insurance policies that are already in force without any additional premium being charged.

The new limits are applicable from 25 April 2018.

[1] The Law on the Rules of Emergency Response and Indemnification of Damages in Cases of Pollution of the Marine Environment by Oil and Other Noxious Substances.

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