THE PAVILIONS PHUKET BRITISH INTERNATIONAL SCHOOL, PHUKET Kata Rocks
Login | Create Account Poll Currency Weather Facebook Youtube Search

Marine insurance bill wins first nod

BANGKOK: Thailand’s first marine insurance bill based on a UK law has received the green light from regulators and will be sent to the Cabinet for consideration.

marinetourismaccidentseconomics
By Bangkok Post

Monday 18 September 2017, 04:48PM


Boats on display at the Phuket International Boat Show (PIMEX), now reincarnated as the ‘Phuket Rendezvous’, at Royal Phuket Marina earlier this year. Photo: Mark Knowles

Boats on display at the Phuket International Boat Show (PIMEX), now reincarnated as the ‘Phuket Rendezvous’, at Royal Phuket Marina earlier this year. Photo: Mark Knowles

If approved, the bill, which took six months to draft, will be forwarded to the National Legislative Assembly for enactment.

The Office of Insurance Commission on Friday (Sept 15) held a seminar on the new bill, which it claims will bolster the local insurance industry’s competitiveness, as well as investors’ confidence.

Secretary-general Suthiphon Thaveechaiyagarn said marine insurance was worth B5.3 billion in 2016, or 0.03% of trade value.

“Once the law takes effect, the value should gradually increase to at least B14.4bn,” he said.

In the absence of it, Thai courts have been applying the UK’s 1906 Marine Insurance Act in principle in cases involving marine insurance disputes.

“But since the law is in English, it depends on how well witnesses testify in court, creating advantages and disadvantages in a case. Besides, there are few marine law experts in Thailand,” he said.

Most marine insurance disputes involve damaged goods on which owners demand compensation from insurance companies. In some cases, the policies needed to be interpreted.

 

Read original story here.

 

 

Comment on this story

* Please login to comment. If you do not have an account please register below by simply entering a username, password and email address. You can still leave your comment below at the same time.

Comments Here:
Comments Left:
# Characters
Username:
Password:
E-mail:
Security:

Be the first to comment.

Have a news tip-off? Click here

 

Phuket community
DPM Prawit tight-lipped since joking about Nairobi attack

DPM/ Minister of Defence Prawit better spend his energy on fighting and isolating the thai terrorist...(Read More)


New B25mn tsunami-warning buoy ‘to be operational tomorrow’

The two clueless ones can babble on as much as they like. The buoys are just an abject waste of time...(Read More)


Tout dumps slow loris with tourist, evades arrest at Kata Beach

Get it right. Again check the act. No point in making a comment when you dont know what you're ...(Read More)


Bangkok haze sweeps into surrounding provinces

Silly "Bangkok Post".Calling it "Haze" again.Our prof. on here corrected them al...(Read More)


New B25mn tsunami-warning buoy ‘to be operational tomorrow’

",,,when you live high/dry" In your case i believe the being"high" state,"d...(Read More)


TAT cultivates India as rich source of tourist arrivals

A rich source of tourists, but not a source of rich tourists......(Read More)


Phuket Opinion: ‘Reviving’ drowning victims

I'm a first aid instructor, but I would NEVER give CPR to someone in Thailand for one simple fac...(Read More)


Phuket Opinion: ‘Reviving’ drowning victims

Great informative article. Every Phuket beach life guard, all tourist boat 'captain's' s...(Read More)


US Govt shutdown prevents tsunami-warning buoy going live

The sane world really needs to focus on weaning itself from the US. The empire is crumbling and ther...(Read More)


Model claiming Trump secrets ’dragged’ into Russian detention

The only reason she was arrested i. Moscow was the Thai government turned her in. ...(Read More)