The European Union (Insurance Of Shipowners For Maritime Claims)
Regulations 2011 (SI 686/2011) (the "Regulations") have
been passed to transpose Directive 2009/20/EC (the
"Directive") into Irish law. The deadline for
transposition was 1 January 2012 and the Regulations came into
operation on 1 January 2012 to give effect to the Directive.
Under the Directive, each EU Member State must require
shipowners operating ships of 300 gross tonnage or more to have
insurance in place when such ships enter a port under the EU Member
State's jurisdiction. EU Member States must also require
shipowners of ships flying its flags to have insurance covering
such ships.
The insurance required comprises, for example, indemnity
insurance of the type currently provided by members of the
International Group of P & I Clubs, and other effective forms
of insurance (including proved self-insurance) and financial
security offering similar conditions of cover. It is required to
cover
