Turkey: Govt makes liability insurance for marine pollution mandatory

Source: Middle East Insurance Review | Jun 2018

The Undersecretariat of the Treasury has announced coverage amounts for ‘compulsory financial liability insurance for marine pollution by coastal facilities’. The required coverage amounts are published in the Official Gazette and have hence entered into force.

Entities required to comply with the regulations include refineries, ports, filling stations, power plants, terminals and shipyards, reported Insurance Gazette.

According to the rules, coverage for property damage will vary between TRY1m ($228,811) and TRY8m, depending on annual production, processing or load-handling capacity of the plant or other relevant measures.

In the event of permanent disability and death, the amount of cover per person is TRY300,000 and ranges per event from TRY1.5m to TRY12m.

Insurance premiums for the coverage can be determined freely by insurers, taking into account factors such as activity at the insured facility, annual operating volume, production or load-handling capacity, security measures, risk assessment and emergency response plans. M

TRY1 = $0.23

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