The Wreck Removal Convention Act 2011 received Royal Assent on 12 July 2011 and includes provisions on the reporting, locating, marking and removal of wrecks and provisions regulating liability for costs involved in dealing with wrecks.
Under the Act, ships of 300gt or more must not enter or leave the UK without first having wreck removal insurance -- and that must be certified by the Secretary of State. Those requirements also apply to foreign vessels, with the certification coming from the relevant governmental department. There are criminal penalties for failure to comply with the provisions of the Act and the relevant vessel can be detained by the authorities. The date when the Act will come into force has yet to be confirmed.