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 (usually referred to as the “Fund Protocol”) is an international agreement dedicated to protecting the environment from the effects of ship-caused oil pollution. This protocol establishes a fund, managed by the International Maritime Organization (IMO), for compensation in the event of an oil pollution disaster. The Fund Protocol applies to ships carrying a capacity of 2,000 tonnes or more, which are registered in a state which is a signatory to the convention. This includes oceans and seas around the world, as well as navigable inland waterways. The fund serves as a source of compensation for direct victims of oil pollution, such as environmental damage, loss of property, and loss of income resulting from such an incident. In the case of an oil pollution incident, the Fund Protocol sets out a process for claimants to receive compensation from the fund. It also establishes a cap on the amount of compensation which may be claimed, and sets out when compensation may be paid out, and how. In addition, it outlines eligibility requirements for claimants and the necessary documentation which must be provided to the fund in order to make a claim. By establishing a fund and implementing a system for compensation claims, the Fund Protocol seeks to protect both the environment and those who are damaged as a result of oil pollution incidents. This agreement offers a much-needed safety net for those affected by such an event, while also providing a means to minimize the damage caused by such incidents.

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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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