Oil spill compensation

 

 

 

Oil spill compensation

 

Shipping terms glossary

 

Definition of Oil spill compensation

 

Compensation for oil spills is internationally regulated by two conventions - The Civil Liability Convention - CLC - (i.e. International Convention on Civil Liability for Oil Pollution Damage - 1969) regulating the shipowners' liability, and The Fund Convention (i.e. International Convention on the Establishment of an International Fund for Oil Pollution Damage, 1971), with a fund financed by the cargo owners (oil companies) paying compensation if the shipowner cannot be held responsible, or if compensation paid is not adequate, with a maximum limitation clause.

 

Source : http://210.212.115.113:81/Anupam%20Varma/Shipping%20terms%20glossary.docx

link: http://210.212.115.113:81/

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Terminology about shipping

Shipping glossary index of terms

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Definition and meaning of Oil spill compensation

 

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Meaning of Oil spill compensation

 

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