Year: 2018 Language: english Author: International Oil Pollution Compensation (IOPC) Funds Genre: Convention (rules) Format: PDF Quality: eBook Pages count: 31 Description: The international liability and compensation regime, created by the 1992 Civil Liability and Fund Conventions, was intended to ensure an appropriate proportion of the economic consequences of marine oil spills from tankers between the shipping and oil industries. In order to address the imbalance created by the establishment of the Supplementary Fund, which will be financed by the oil industry, the International Group of P&I Clubs (a group of 13 mutual insurers that between them provide liability insurance for about 98% of the world’s tanker tonnage) introduced two agreements, the Small Tanker Oil Pollution Indemnification Agreement (STOPIA) 2006, and the Tanker Oil Pollution Indemnification Agreement (TOPIA) 2006. These agreements are voluntarily concluded among shipowners and indemnify the compensation made by the 1992 Fund and the Supplementary Fund in accordance with the Convention. Under STOPIA, the 1992 Fund will be indemnified by the shipowner of the compensation payments it has made to claimants up to SDR 20 million (USD 28.3 million). Under TOPIA 2006, the Supplementary Fund will be indemnified by the shipowner of 50% of the compensation payments it has made to claimants.
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STOPIA & TOPIA 2006 (AS AMENDED 2017) with 2018 IOPC Funds Explanatory Note
Language: english
Author: International Oil Pollution Compensation (IOPC) Funds
Genre: Convention (rules)
Format: PDF
Quality: eBook
Pages count: 31
Description: The international liability and compensation regime, created by the 1992 Civil Liability and Fund Conventions, was intended to ensure an appropriate proportion of the economic consequences of marine oil spills from tankers between the shipping and oil industries. In order to address the imbalance created by the establishment of the Supplementary Fund, which will be financed by the oil industry, the International Group of P&I Clubs (a group of 13 mutual insurers that between them provide liability insurance for about 98% of the world’s tanker tonnage) introduced two agreements, the Small Tanker Oil Pollution Indemnification Agreement (STOPIA) 2006, and the Tanker Oil Pollution Indemnification Agreement (TOPIA) 2006.
These agreements are voluntarily concluded among shipowners and indemnify the compensation made by the 1992 Fund and the Supplementary Fund in accordance with the Convention. Under STOPIA, the 1992 Fund will be indemnified by the shipowner of the compensation payments it has made to claimants up to SDR 20 million (USD 28.3 million). Under TOPIA 2006, the Supplementary Fund will be indemnified by the shipowner of 50% of the compensation payments it has made to claimants.
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STOPIA & TOPIA 2006 (AS AMEN 2017) with 2018 IOPC Funds Explanatory Note.pdf
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