Compulsory insurances arising from the operation of a vessel

The aim of this article is to analyse the international Conventions and Spanish law requiring that owners of some vessels shall maintain compulsory liability insurance or other financial security to cover their liabilities for certain kinds of damage. It outlines that it is in the public interest that victims of certain risks are compensated (oil pollution, death of or injury to passengers, damage caused by hazardous and noxious substances, claims against the owner of pleasure boats, among a limited number of compulsory insurances). However, to date, it is unclear whether there will always be an insurer or guarantor of the responsible shipowner for any kinds of damage.