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Compensation Boost
01 Mar 2005
Increased levels of compensation will be available for victims of oil pollution from oil tanker accidents as a result of the 2003 Protocol adopted by a diplomatic conference at IMO headquarters in London and establishing an International Oil Pollution Compensation Supplementary Fund which came into existence on the third of this month.
This supplements compensation available under the 1992 Civil Liability Convention (CLC) and Fund Convention with an additional 3rd tier compensation. Participation is optional, although 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 Special Drawing Rights (SDR) 750m (approximately US $1.152m) including the amount of compensation paid under the existing 1992 CLC/Fund Convention.
MJ Information No: 20432
