Definition(s)
Insurance
Insurance means insurance with or without deductibles, and comprises, for example, indemnity insurance of the type currently provided by members of the International Group of P&I Clubs, and other effective forms of insurance (including self-insurance) and financial security offering similar conditions of cover.
Source: IMO Resolution A.898(21), Guidelines on shipowners’ responsibilities in respect of maritime claims, 4 February 2000, International Maritime Organization. Regulatory Guidance
Insurance
Insurance means effective insurance or other forms of financial security to meet claims against shipowners which comply with the functional criteria set out in these Guidelines.
Source: IMO Resolution A.931(22), Guidelines on Shipowners’ Responsibilities in respect of Contractual Claims for Personal Injury to or Death of Seafarers, 17 December 2001, International Maritime Organization. Regulatory Guidance