Third Party Liability Insurance for LPG/LNG Carriers
- LPG and LNG carriers must secure third party liability insurance.
- Minimum coverage amount required is equivalent to US$2 million.
- Insurance must be obtained from licensed and recognized insurers or Protection and Indemnity Clubs.
Classification and Inspection Requirements
- All LPG carriers, and tankers and barges of 500 gross tons and above must be classed and class-maintained by a government-recognized classification society.
- Vessels under 500 gross tons are exempt from classification but must undergo MARINA survey and inspection.
- Such vessels must hold a valid Certificate of Inspection.
Financial Capitalization Requirements
- Operators of LPG/LNG carriers and tankers/barges carrying oil/petroleum products must have a minimum paid-up capital of Php 5 million.
- This capital requirement is in addition to other financial capability requirements.
Conditions for Issuance of CPC/PA
- MARINA will not issue Certificates of Public Convenience (CPC) or temporary authorities (e.g., Provisional Authority to Operate, Special Permits) unless all the above requirements are complied with.
- Exceptions are granted only in meritorious cases where public or national interest would be affected.
Repealing Clauses
- Previous MARINA circulars, rules, or regulations inconsistent with these revised guidelines are repealed or modified accordingly.
Effectivity of the Circular
- This Memorandum Circular supersedes Memorandum Circular No. 56 and 56-A.
- It takes effect fifteen (15) days after publication in a newspaper of general circulation.
- Adopted on February 18, 1998, signed by the MARINA Administrator.