Section 229
Maintenance of compulsory insurance or other financial security.
The Merchant Shipping Act, 2025
About this Act
An Act to consolidate and amend the law relating to merchant shipping to ensure compliance with India's obligation under the maritime treaties and international instruments to which India is a party and also to ensure the development of Indian shipping and efficient maintenance of Indian mercantile marine in a manner best suited to serve the national interest and for matters connected therewith or incidental thereto.
Every registered owner of an Indian vessel or any other vessels which enter a port, shipyard or offshore terminal or place in India or within coastal waters shall, for the purpose of covering his liability under this Part, maintain adequate insurance coverage or such other financial security as may be prescribed, and carry onboard a certificate or document showing compliance with such requirement.