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The Merchant Shipping (Local Vessels) (Amount of Insurance Cover) Notice, which specifies the amount of insurance cover for local vessels, will be gazetted on October 20.
A spokesman for the Marine Department said the notice served to specify the amount of insurance cover for different classes, types or descriptions of local vessels and for different circumstances. "The notice is made in pursuant to the Merchant Shipping (Local Vessels) (Compulsory Third Party Risks Insurance) Regulation which was tabled at the Legislative Council on October 11, 2006," the spokesman said.
The amount of insurance cover specified in the notice will be implemented in two phases to ensure smooth operation. For phase one - the first six months from the commencement of the notice - the amount of insurance cover will be the same as the those currently prescribed under the existing Merchant Shipping (Compulsory Third Party Risks Insurance) Regulations.
In the second phase - six months after the commencement of the notice - the amount of insurance cover will be adjusted. In addition, the mandatory insurance requirement under the Merchant Shipping (Local Vessels) (Compulsory Third Party Risks Insurance) Regulation will be extended to all local vessels. The existing Merchant Shipping (Compulsory Third Party Risks Insurance) Regulations will be repealed upon commencement of the notice.
The notice will be tabled at the Legislative Council on October 25, 2006.
End/Wednesday , October 18, 2006
Ends/Wednesday, October 18, 2006
Issued at HKT 16:31
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