Certain industries can offer some complicated circumstances when it comes to insurance. If you operate a business that is responsible for transporting certain hazardous materials across larger bodies of water, then you absolutely need to make sure you’re following the guidelines set forth by the government. After numerous oil spills into the ocean, several governments came together to form the International Convention on Civil Liability for Bunker Oil Pollution Damage. This dictates policy in the event of a spill and details who is responsible.
Adhering to the Convention
By taking out a bunker convention cover policy, you are doing your part to guarantee that your company is adhering to all regulations put forth by the Convention. It also provides you the protection you require if your business handles vessels that are over 1000 tons as they attempt to enter ports. Without the proper certifications, you run the risk of opening your business up to a number of legal complications and expensive corrections. Other points to focus on include:
- Blue Card certification
- Flag state judgments
- Automatic right to pursue claims
Following the Rules
In order for your business to have long-term success, you absolutely need to pay attention to the regulations that dictate your industry. Focus on what it takes to adhere to the Convention and it can go a long way to help your company stay in the best possible position.