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?

The Protocol of 2003 to the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage is an agreement among many countries to limit the liability of ship owners in the event of oil pollution accidents in international waters. This Protocol expanded the scope of the Convention, which previously applied only to the territorial waters of certain states. The Protocol places a cap on the amount of compensation that ship owners are required to pay out for any oil pollution damage caused by their vessel. This amount is largely based on the type of vessel, its tonnage, and other factors. Additionally, the Protocol established a compensation fund, funded by contributions from participating countries and ship owners. This fund provides additional compensation, beyond any that might be required directly from the ship owner, to those affected by an oil pollution accident. This includes affected governments, businesses, and individuals. The purpose of the Protocol is to encourage an increase in global shipping safety while at the same time ensuring that people affected by oil pollution accidents are compensated adequately for their losses.

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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?

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