What is the scope of the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage?

The International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage (usually referred to as FUNDCON) is a global treaty that was signed in 1971 in order to provide compensation for oil pollution damages. The treaty was created to help provide victims of such pollution with a means of recovering losses that would otherwise be impossible to get. The treaty was created by the International Maritime Organization and it is applicable in all countries that have ratified it. The scope of FUNDCON is wide-ranging, applying to all maritime activities related to shipping, including the use and disposal of oil and other hazardous materials. The treaty applies to any vessel engaged in maritime transport, as well as oil rigs and pipelines. In addition, the treaty covers activities related to the recovery of oil spills and the disposal of oil-related waste. The treaty outlines three levels of compensation for damages caused by oil pollution. The lowest level, liability limits, provides a maximum amount of compensation in the event of a spill, with the highest possible amount being 65 million SDRs (Special Drawing Rights). The second level, clean-up costs, covers the costs of cleaning up an oil spill, and the third level, environmental damages, covers the costs of restoring the environment to its pre-incident state. FUNDCON is an important part of maritime law in Michigan and is enforced by the US Coast Guard. It is important that all vessels operating in Michigan waters comply with the treaty, as failure to do so can result in civil and criminal penalties.

Related FAQs

What is the law concerning pilotage?
What is the scope of the Protocol of 2003 to the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage?
What is the scope of the Convention on the International Regulations for Preventing Collisions at Sea?
What is the scope of the International Convention for the Safety of Life at Sea?
What is the scope of the International Convention on Salvage 1989?
What international conventions are related to persons with disabilities?
What is a maritime lien?
What is the scope of the Convention on the International Regulations for Preventing Collisions at Sea?
What is the scope of the Convention on Facilitation of International Maritime Traffic?
What is the scope of the International Convention for the Conservation of Atlantic Tunas?

What is the scope of the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage?

Related FAQs

Related Blog Posts