IMO PLANS TO ADOPT THIRD TIER FOR POLLUTION COMPENSATION
The International Maritime Conference said Friday a third tier of compensation for oil pollution incidents from tankers “is set to be adopted” at an IMO conference in London May 12-16.
The third tier will supplement compensation available under the IMO’s Civil Liability and Fund Conventions.
The new compensation will be a protocol added to the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage, which dates to 1992.
“The proposed new fund, to be financed solely by receivers of oil in participating states, will be available only in respect of claims for pollution damage arising within the states (that are) parties to the protocol, to the extent that such claims have not been fully satisfied under the existing 1992 regime,” the IMO said in a statement.
The diplomatic conference convening in London will set limits of compensation, the IMO explained.