For larger ships and tankers carrying more than 2,000 tons of oil as a part of their cargo, the Convention on Civil Liberty for Oil Pollution established regulations requiring liability insurance. Taking this restriction one step further, the International Convention on Civil Liability for Bunker Oil Pollution Damage requires any boating vessel over 1,000 gross tons to carry a civil liability certificate whenever they move into open waters. This is a compulsory insurance requirement that ensures shipowners are held responsible for any oil pollution that occurs from their oil bunker. Bunker damage and leaks occur more frequently than pollution from oil tankers.
The requirements for insurance were fueled by prior challenges associated with demanding responsibility for cleaning pollution damage in international waters. Some of the issues included:
Flag states that did not enforce a judgment
No inherent right to pursue a legal claim in the state where the spill happened
Lack of sufficient insurance coverage by the shipowner
The responsibility of keeping the oceans and waterways free from pollutants is the responsibility of every ship owner, operator, and manager. Although the insurance and certificate of coverage are required, check with your policyholder on the extent of the financial assistance the policy provides. At a minimum, the experts at https://www.wqis.com/ recommend coverage amounts that equal or exceeds the limits of the liability established by the ruling authority.