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) provides an international framework for the collective settlement of claims caused by oil pollution damage. The Protocol sets out the rules and procedures for laying claim to compensation and other compensation related measures as well as how the Fund is to be administered and managed. The Protocol was designed to ensure that those affected by oil pollution are fairly and expeditiously compensated. The scope of the Protocol is broad and covers claims regarding oil pollution damage caused by spills from tankers and offshore installations wherever such damage occurs, including in Virginia’s waters. Compensation is limited to those losses and damage suffered by persons for which the Fund is responsible and for which the Fund is liable under the Protocol. This includes death, injury, loss of property, and economic loss related to the damage caused by the spill. The Protocol is further supplemented by the "Code for the Implementation of the Protocol", which sets out a series of procedures for the settlement of claims, including a mechanism for the avoidance and resolution of disputes. In addition, the Protocol also establishes a three-tiered structure for the distribution of compensation: an initial tier (the Fund) which holds the financial resources to pay claims; a second tier (the Convention States) which provides political support and resources; and a third tier (the Adjustment Parties) which manages the claims and administers the compensation payments. The Protocol provides an important framework for the settlement of claims arising from oil pollution damage, locally in Virginia and around the world. It is a key means of providing efficient and adequate compensation to those harmed by such spills.
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