As shipowners face new compliance challenges in the face of the Inventory of Hazardous Materials (IHM) legislation, marine insurer UK P&I Club has put together a helpful guide.
The protection and indemnity insurance provider is offering a Risk Focus report on the sector that delves into the processes and requirements of the IHM legislation, as well as its technical aspects. The idea is that it will assist members with compliance and reduce the likelihood of reputational risks.
The marine insurer outlined that the IHM is an important tool when the vessel reaches the end of its useful life and recycling is planned. It can help ensure minimal environmental impact and safe working conditions on the scrapping yard.
“This guide is a valuable asset for ship-owners and is designed to inform and raise awareness of the critical issues around the current ship recycling legislation,” said loss prevention director Stuart Edmonston. “It’s vital to comply with the Inventory of Hazardous Materials, and failure to do so can lead to costly litigation, both from a financial and reputational perspective for all involved.”
Ship recycling will typically involve breaking down and dismantling entire vessels – with working practices routinely falling short of the levels accepted by international standards.
