Open Ship Registry Act (RPPL No. 8-17).

This Act establishes an Open Ship Registry in the Republic of Palau and provides the registration of ships, incluing fishing vessles, in such register. It also declares that the international conventions, treaties and agreements to which the Republic is a party, shall be complied with by all vessels of the Republic engaged in foreign trade and, to the extent determined applicable, to all fishing vessels and yachts. The international conventions, treaties and agreements, as such may be amended, shall have effect in Palau as if specifically enacted by statute and fully set forth herein. Vessels of the specified classes, owned by a qualified person, of a specified length, wherever built, are eligible to be documented or re-documented under the provisions of this Act. Fishing vessel shall mean a vessel used for catching fish, whales, seals, walrus and other living creatures at sea. The Act contains provisions with respect to limitation of liability of shipowners in relation with international agreements.
The Act also civil liability for oil pollution damage. Articles I-XI of the International Convention on Civil Liability for Oil Pollution Damage are declared to form a part of the laws of the Republic. The Limitation Fund referred to in Article V (3) of the Convention on Civil Liability shall be constituted within the Supreme Court of the Republic of Palau. An action for compensation may be brought in the Republic if pollution damage resulting from an incident covered under the Convention has been sustained within the Republic of Palau. Any such action shall be brought before the Supreme Court of the Republic of Palau. Each vessel carrying more than 2,000 tons of oil in bulk, shall carry a valid certificate of insurance or other financial security. Certificates of Insurance shall be issiued by the Minister.