The Inland Steam-Vessels Act, 1917 as amended in 1977, provides for the application of the provision of Chapter VIII of the Motor Vehicles Act, 1939 in relation to Insurance of mechanically propelled vessels against third party risks. The Act makes it compulsory for owners or operators of inland vessels to insure against legal liability for death or bodily injury of third parties or of passengers carried for hire or reward and for damage to property of third parties. The limits of liability are also prescribed.