Section 314
Maintenance of insurance or such 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.
Without prejudice to the insurance or other financial security required to be maintained under Chapters II, III and IV of Part IX, Part X and Chapter I of Part XII, every registered owner of an Indian vessel shall, for the purpose of covering his liability under this Act, be required to compulsorily maintain adequate insurance coverage or such other financial security as may be prescribed.