Wrecks lying on the seabed pose a risk to both shipping and the marine environment and the interests of the country in whose area the wreck is located. This problem has been recognized internationally and resulted in the enactment of the Nairobi International Convention on the Removal of Wrecks under the auspices of the IMO. Under the convention, it is the ship’s registered owner who is financially responsible for removing the wreck from the seabed. In addition, the convention imposes an obligation to carry insurance or provide other financial security to cover the cost of removing the wreck. The interested state party will be able to make direct claims to insurers for claims related to the removal of the wreck. The scope of the convention covers the exclusive economic zone in principle, but it also contains optional provisions allowing its provisions to be extended to the territorial waters of the interested states.