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1992 Protocols News

12 Jan 2004

P&I Club Warns of Shipping Claims Increase

Ship owners, operators and their P&I clubs face ever-increasing claims over the next few years, according to the 45 million GT North of England P&I club. Growth in the freight market, a raft of new and revised liability conventions and weakness of the dollar are exposing the industry to greater financial risk and continuing hikes in P&I insurance. According to joint managing director Rodney Eccleston, “Both the value and number of cargo claims have soared in recent months due to unprecedented freight rates, sometimes exceeding cargo values, and because ships and crews are working flat out. The A-rated club says P&I claims values are also increasing due to weakness of the US dollar, which has fallen substantially against most major currencies recently.

02 Mar 2005

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…

22 Jun 2006

Chem Spill Clean Up Protocol to Enter Force

The Protocol on Preparedness, Response and Co-operation to Pollution Incidents by Hazardous and Noxious Substances (OPRC-HNS Protocol), 2000, has now achieved enough ratifications for entry into force on 14 June 2007, twelve months after its accession by Portugal, on 14 June 2006, the 15th State to ratify the treaty. The OPRC-HNS Protocol is aimed at providing a global framework for international co-operation in combating major incidents or threats of marine pollution from ships carrying hazardous and noxious substances (HNS), such as chemicals. The OPRC-HNS Protocol follows the principles of the International Convention on Oil Pollution Preparedness, Response and Co-operation (OPRC), 1990, which itself entered into force in 1995.

16 May 2003

INTERTANKO Welcomes Agreement on Third Tier Supplementary Fund

Agreement on a Protocol to establish a supplementary third tier of compensation was reached at an IMO Diplomatic Conference this week. The Protocol as adopted would establish a supplementary Fund, intended to provide compensation over and above that currently available under the 1992 Civil Liability/Fund regime, thereby creating a third tier of compensation for pollution damage caused by oil spills at sea. Together with the underlying 1992 CLC and FC regime, the new third tier supplementary fund, which will be available for adoption by interested states as a voluntary top-up to the existing regime, will provide compensation up to a level of 750 Million SDR (1 SDR=1,40656 USD).

09 May 2003

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.

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