Pollution Liability Insurance
In the maritime context, Pollution Liability Insurance refers to a specific type of coverage that protects ship owners, operators, and charterers against legal liabilities arising from accidental discharges of pollutants. These pollutants can include oil, chemicals, or other hazardous substances that may cause environmental damage or harm to marine life. The insurance policy typically covers the costs associated with clean-up efforts, fines and penalties imposed by regulatory bodies, and claims for damages by third parties. The need for such insurance has grown significantly due to the increasing environmental regulations and standards in the maritime industry. The International Convention for the Prevention of Pollution from Ships (MARPOL) and the Oil Pollution Act of 1990 are two key regulations that mandate strict liability for ship owners and operators in the event of oil pollution. Therefore, having Pollution Liability Insurance is crucial for maritime businesses to manage their risk exposure and ensure financial protection against potential pollution incidents.
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