INDIAN SHIPOWNERS GET SUSPENSION IN NEW INSURANCE REQUIREMENT

The Indian National Shipowners’ Association (INSA) has gained a postponement of a new shipping insurance rule that INSA claimed could cause problems for the movement of goods in and out of India. Last September the Indian government introduced a regulation that would stop the government having to foot the bill for clearing wrecked and uninsured ships from Indian waters. From next month, foreign chartered vessels and small local ships would have needed to be insured by one of the 13 P&I Group companies approved by the Indian government. Non-group P&I clubs would not qualify. INSA had lobbied for a six-month postponement and an extension of the list of approved insurers. The shipping ministry has now decided to form a committee to look at the issue, including the possibility of strongly advising ports and shipping companies to take out insurance cover.