Liability Risk and Insurance
Dirty business
As the beaches of Galicia are coated with oil, still leaking from the
Prestige
at mid-December and leading to a 500km coastal fishing ban, the Organisation for Economic Co-operation and Development (OECD)
addresses the raising of shipping standards among its 30 members. Guidelines, which could remove insurance cover from shipowners
who know their vessels are substandard, are under consideration as is the promotion of compulsory insurance against third
party losses, and an international system of licensing. The OECD is also looking at the possibility of incentives for responsible
shipowners, boosting the availability and flow of information and pressure on classification societies to ensure appropriate
standards.