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, also known as the 1992 Fund Convention, is an international treaty aimed at addressing oil pollution damage caused by tanker accidents. The scope of this Convention covers the whole global maritime industry and applies to any vessel of 500 gross tons or more, owned by or operated under the authority of a State party to the Convention. The Convention obligates the parties to contribute to the International Oil Pollution Compensation Funds (IOPC Funds). These funds are used to compensate for damage to coasts and public resources, such as fisheries, caused by oil pollution from ships. The 1992 Fund Convention sets out specific rules and procedures for liability, compensation and fund contributions. Under this Convention, a responsible State is liable for compensation for pollution damage caused by ships registered in another party’s territory. This includes compensation for damage to the environment, public health, and economic losses, such as loss of income due to the closure of fisheries or other businesses. Parties must make contributions to the IOPC Funds, which will be used to cover claims made against the party that caused the damage. The 1992 Fund Convention also sets out procedures for dispute settlement in cases where a party fails to meet its financial obligations. In Washington, Maritime Law is largely determined by state, federal and international regulations. The International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage is an important part of Maritime Law, as it sets out rules and procedures that must be followed when addressing oil pollution damage in the maritime industry.

Related FAQs

What is the relationship between maritime law and international law?
What is the scope of the International Convention on Standards of Training, Certification, and Watchkeeping for Seafarers?
What is the scope of the Convention for the Unification of Certain Rules relating to Maritime Liens and Mortgages?
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 are the exclusions and limitations under the International Convention on Civil Liability for Oil Pollution Damage?
What is the scope of the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers?
What is the scope of the Protocol of 2003 to the International Convention on Oil Pollution Preparedness, Response and Cooperation?
What is the scope of the Convention on the International Regulations for Preventing Collisions at Sea?
What are the remedies available under maritime law?
How do passenger rights differ from those of crewmembers?

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