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 (the “Protocol”) covers oil pollution damage caused by vessels, such as those used in the maritime industry or by other offshore activities, and resulting from the escape or discharge of oil. The Protocol extends the liability of the owner of the vessel, the operator of the vessel, or the person who has the control of the vessel to an unlimited amount for damage caused by the discharge of oil. The Protocol also establishes a scheme, which sets out the limits of liability of a shipowner, the operator of a vessel, and the persons having control of a vessel, for their respective amounts of compensation for the same damage. The Protocol requires all vessels of over 700 gross tons to have insurance that covers a certain level of liability for damage caused by the discharge of oil. It also requires the owner, operator, or person in control of the vessel to carry out its obligations under the Protocol, including the payment of compensation to the International Fund for Compensation for Oil Pollution Damage for loss and damage arising from the discharge of oil from a vessel. In addition, the Protocol requires the vessel to take all reasonable steps to prevent and minimize oil pollution. The Protocol also sets out procedures for the establishment of the International Fund for Compensation for Oil Pollution Damage. This fund is intended to provide financial assistance to victims of oil pollution damage, and to undertake measures to prevent, reduce or eliminate such damage. The Protocol further establishes procedures for assessing the amount of compensation due and for making payments from the fund to victims of oil pollution damage.

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?

Related FAQs

Related Blog Posts