The word вЂњinsuranceвЂќ as used by the WRC, is a fundamental misnomer because the insurer has no contractual defences under the Wreck Removal Insurance policy. The management of multi-line insurance companies might be surprised to discover that including Wreck Removal Insurance in their marine insurance offering goes well beyond the coverages provided by traditional marine insurance.ДЄrticle 12 of the WRC imposes a compulsory insurance regime for vessels 300 GT and up (вЂњWreck Removal InsuranceвЂќ) The nature of the compulsory insurance required as by the WRC is not always well understood outside of the P&I Club market. P&I Clubs themselves may be risk adverse to accepting barges used only in domestic voyages (often ranging from 500 GT to 5000 GT). Shipowners operating only domestically may be more accustomed to relying upon the non-P&I Club marine insurers by reason of pricing or their countryвЂ™s licensing requirements which limit P&I Club participation in their market. While P&I Clubs are familiar with the WRC and providing the required proof of compulsory wreck removal insurance, the extension of the WRC provisions to territorial seas and to domestic vessels means that shipowners will likely be looking more and more to non-P&I Club insurers for the necessary insurance. The WRC includes a requirement for owners of vessels 300 GT and higher to have compulsory insurance to provide for wreck removal costs. More than 50 states have now ratified the WRC. The Nairobi International Convention on the Removal of Wrecks, 2007, also known as the Wreck Removal Convention (вЂњWRCвЂќ), entered into force on April 14, 2015.

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