Govt to launch insurance plan for ship owners

The Malaysian government will launch the Malaysia Protection and Indemnity (P&I) Club for ships below 300 gross tonnes before the end of the year.

Transport Minister Datuk Seri Liow Tiong Lai said the insurance would cover a wide range of liabilities including death, personal injury, property damages and wreck removal.

“Even the abandonment of seafarers is covered,” he said when launching the Malaysian Shipowners’ Association (Masa’s) new office recently.

Liow added that the ministry was also preparing a comprehensive paper to support the appeal for a 100 percent tax exemption for shipping companies to be retained.