Section 51Part 2 — REGISTRATION OF SHIPS
Requirement for insurance cover
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51. (1) Every Cayman Islands ship shall carry insurance cover against risks of loss or damage to third parties.
Notwithstanding any other provision of this Act, every ship anchoring in or trading in or from Cayman Islands waters or entering a port in the Cayman Islands shall carry insurance cover against risks of loss or damage to third parties and against wreck removal expenses in an amount satisfactory to the Receiver of Wreck.
If a ship is in contravention of this section, the owner commits an offence and is liable on summary conviction to a fine of twenty thousand dollars.