New Rules for Oil Spill Compensation Enter Force
Increased levels of compensation will be available for victims of oil pollution from oil tanker accidents on 3 March 2005 with the entry into force of the 2003 Protocol establishing an International Oil Pollution Compensation Supplementary Fund. The Fund will supplement the compensation available under the 1992 Civil Liability Convention (CLC) and the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage (FUND), with an additional, third tier of compensation. Participation is optional and is open to all States which are parties to the 1992 Fund Convention. The total amount of compensation payable for any one incident will be limited to a combined total of 750 million Special Drawing Rights (SDR) (just over US$1…
IMO Conference Addresses Oil Pollution Compensation
held at IMO Headquarters from 12-16 May 2003. Compensation for Oil Pollution Damage, 1992. for pollution damage caused by oil spills at sea. Protocol. regime, which will remain unaltered. regime. The limits of compensation will be set by the diplomatic conference. existing IOPC Fund system. Protocol. claims made against the supplementary Fund. laid down in the 1992 Fund Convention. Fund Assembly agrees to this arrangement. Damage, (Fund Convention) 1971 replaced the original Conventions. on the shipowner, up to a set limit. contributions by oil receivers. interests. compensation payable to victims of pollution by oil from oil tankers. enter into force on 1 November 2003. gross tonnage, up from 59.7 million SDR in the 1992 Protocol.
International Oil Pollution Compensation Funds Assembly
INTERTANKO and ICS restate their full support for the measures that have evolved from the Working Group of the IOPC Fund Assembly. Over the past five years the Assembly and its Working Group have been responsible for the successful development and bringing into effect of increased compensation levels for the victims of oil spills through the adoption of higher liability limits for owners and oil receivers, the introduction of a supplementary fund for those states that wish to avail themselves of further levels of compensation, and an increase in compensation funded by shipowners in those states. Industry also fully supports the extension of STOPIA to all CLC 1992 States which will be of particular benefit to developing States.
