According to Total News, quoted by IRNA, the bill for compulsory insurance of passenger vessels was sent to the Islamic Council for legal formalities with the signature of Ayatollah Seyed Ibrahim Raisi, the President.
Considering the significant increase in the number of passenger vessels in the field of marine transportation with capacities of 50 to 300 people and the possibility of natural and unnatural accidents occurring to them and considering the legal gap in the field of requiring the mentioned vessels to insure themselves against physical and financial damages caused to passengers and other occupants due to possible accidents, this bill has been approved in four articles by the Ministry of Roads and Urban Development in the Council of Ministers.
According to the first article of this bill, the operator of a ship or passenger or recreational vessel covered by Article (28) of the Maritime Law of Iran approved in 1343, which is used for profit, is obliged to insure her responsibility for physical and financial damages caused to passengers and other occupants with an insurance company that has received a license to operate in the related field of insurance from the Central Insurance of the Islamic Republic of Iran.
According to another article of this bill, the minimum amount of insurance in case of physical damage is equivalent to the minimum Riyals of a Muslim man’s dowry in the holy months, and the minimum amount in case of financial damage is equal to two and a half percent (2.5) of bodily obligations.
Also, in the third article of this bill, it is stipulated that the general insurance conditions of the subject of this law will be prepared within 6 months from the effective date of this law by the Central Insurance of the Islamic Republic of Iran in cooperation with the Ministry of Roads and Urban Development, Ports and Maritime Organization, and the proposal of the Central Insurance of the Islamic Republic of Iran is approved by the Supreme Council of Insurance.
Ports and Maritime Organization is also obliged to prevent the activity and operation of vessels without a valid insurance policy subject to this law.