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Philippines: Insurance rules strengthened post 2008 ship sinking

June 23, 2014 - 6:00am


The 2008 sinking of the MV Princess of the Stars off the Philippine coast resulted in several policy changes in maritime sector regulations, Sun.Star reported.

A Philippine maritime authority said it is mandatory for tankers carrying persistent oil as cargo to have insurance coverage.

Only vessels with "protection and indemnity" coverage would be allowed to participate in domestic trade, the official said, adding that ship safety inspections have improved.

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