Sun, Nov 17, 2024 page2

• Taiwan to close its ports to four shipping insurers

  • By Shelley Shan / Staff Reporter
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  Sea vessels that are insured by Ascent General Insurance and three other insurance firms would from Sunday next week be banned from entering international commercial seaports in Taiwan for failing to actively resolve shipwreck-related disputes, the Maritime and Port Bureau said on Monday last week.

  The bureau contacted Ascent General Insurance, Edinburgharian PANDI Management Limited, Polaris Insurance Co and Arsenal Insurance Company multiple times regarding shipwrecks of their insured vessels, but they were passive and did not take any action, it said.

  As the four sea vessel insurers failed to fulfill their responsibilities, the bureau would ban their insured ships from entering the nation’s international commercial seaports to safeguard national interests and protect the public safety of seaports, it said.

  

  The Chinese-flagged cargo ship Yu Zhou Qi Hang is grounded on the coast near Yehliu Geopark on Nov. 1.

  Photo copied by Lin Chia-tung, Taipei Times

  The policy applies to ship owners who have been insured by or have renewed insurance policies with the four insurers, it said.

  The bureau would ensure that ships enter the nation’s seaports with insurance policies issued by valid insurers, it said.

  In addition to these four insurers, the bureau previously designated East of England P&I Association Ltd and Hydor AS as unwelcome maritime insurers on Dec. 29, 2021 and Nov. 10 last year, respectively.

  In a recent session of the Legislature’s Transportation Committee, Chinese Nationalist Party (KMT) Legislator Jonathan Lin (林沛祥) called for a comprehensive overhaul in the nation’s ship insurance system, after the government was criticized for its handling of Chinese cargo ship Yu Zhou Qi Hang (鈺洲啟航), which was stranded off the nation’s northeast coast before Super Typhoon Kong-rey made landfall on Oct. 31.

  Damage caused by shipwrecks should be fully covered by shipowners’ protection and indemnity insurance, he said.

  Having hull insurance is not enough, as it only covers third-party liability and does not cover the costs of removing stranded ships, Lin said.

  Ship insurers must be certified as valid organizations by QBE Insurance Group Ltd or other similar organizations, he said.

  The agency that oversees and inspects the safety of foreign ships in domestic ports should conduct inspections every quarter, he said, adding that foreign ships should be asked to address safety issues immediately or they should be refused entry to the port.
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