The convention, which entered into force on April 15, 2015, adopts strict liability and compulsory insurance, regulating that the registered shipowner has the obligation to locate, mark and remove the wrecks considered to pose a hazard within the area covered by the convention.
Namely, the registered owner of a ship of 300 gross tonnage and above will be required to maintain the insurance or other financial security and get the certificate attesting that it is in force in accordance with the compulsory insurance provisions of this convention. The certificate must be carried on board, according to The London P&I Club.
Vessels, except those under 300 gross tonnage, are to apply for the Nairobi Wreck Removal Blue Card.
The Convention currently counts 31 members, including Albania, the Bahamas, Cyprus, Bulgaria, Tuvalu, Congo, Denmark, Germany, India, Iran, Malaysia, Morocco, Nigeria, the Republic of Palau, Britain, Cook Islands, Liberia, Marshall Islands, Malta, Antigua and Barbuda, Tonga, Kenya, Niue, Panama, South Africa, France, the Netherlands, St Kitts and Nevis, Switzerland, Jordan and Romania.