The Convention requires the registered owner of a ship of 300 gross tonnage or above to maintain insurance or other financial security to cover the costs of locating, marking and removing of a wreck. Ships of 300GT and above will be required to carry a certificate issued by a State party to the Convention attesting that the necessary insurance is in place. From 14th April 2015 all vessels of 300GT and above will require to hold a certificate.
For more details refer to:
- Infos about Nairobi International Convention on the Removal of Wrecks at imo.org