Iopc General Assembly News

Several years ago, the 1971 Fund was replaced by the two subsequent Funds that pay higher compensations to the victims of oil pollution. It was an international innovation when a global, solidary scheme on compensation for the victims of oil pollution caused by tankers was established with the 1971 Fund. It has proven to be such a great success that the system has been improved twice, and the model has been copied for other types of pollution from ships. The 1971 Fund has been replaced by the 1992 Fund and the Supplementary Fund…

The governing bodies of the International Oil Pollution Compensation Funds (IOPC Funds) held recent meetings at the Headquarters of the International Maritime Organization (IMO) in London, and decided to wind up the ground-breaking 1971 fund which has since been replaced by the 1992 protocol. The Fund was an international innovation when a global, solidaritory scheme on compensation for the victims of oil pollution caused by tankers was established in 1971. It has proven to be such a great success that the system has been improved twice…