A diplomatic conference in London has adopted a new set of protocols to amend international oil spill compensation treaties to increase levels of compensation payable to victims.
The 1992 Protocols, as they are known, mainly bring the 1969 Civil Liability Convention and the 1971 Fund Convention up to date with monetary values adjusted for inflation.
The International Association of Independent Tanker Owners (Intertanko), Oslo, urged governments to ratify the protocols, which will raise liability limits to about $190 million, including the shipowner's liability.
Intertanko Assistant Director Kristian Fuglesang said amendments to the fund convention would come into effect 12 months after at least eight nations with a certain minimum level of oil traffic had ratified them.
The first part of compensation will be paid through the tanker owner's insurance, while any compensation exceeding the shipowner's liability limit will be supplemented by the International Oil Pollution Compensation Fund, London.
WHY PROTOCOLS NEEDED
The existing compensation system is more than 20 years old. An attempt at a 1984 diplomatic conference to raise limits - spawned in the wake of the massive 1978 Amoco Cadiz tanker spill off France - was stalled by the U.S. Congress' refusal to implement agreed protocols.
"Member governments of the International Oil Pollution Compensation Fund have recognized that the protocols as agreed in 1984 will never enter into force due to the U.S. failure to ratify," said Intertanko Chairman Andreas Ugland.
"They are now taking the best course of action, in seeking to adopt new protocols with reduced entry into force conditions. These will allow the 1984 limits to take effect without the United States."
Copyright 1992 Oil & Gas Journal. All Rights Reserved.
