International Oil Pollution Compensation Funds Director Gaute Sivertsen visits oil-spill-affected areas in Antique and is set to meet with justice department officials this week.
“The IOPC Funds are financed by contributions paid by entities that receive certain types of oil by sea transport. These contributions are based on the amount of oil received in the relevant calendar year, and cover expected claims, together with the costs of administering the Funds,” the IOPC says on its website.Why there’s money for compensation
The CLC was “adopted to ensure that adequate compensation is available to persons who suffer oil pollution damage resulting from maritime casualties involving oil-carrying ships.” The CLC is the “first level of compensation by owners [of the vessel], and that insurance comes under the P&I insurance cover of the owners of MT Princess Empress.” The 1992 fund, Del Rosario said, “covers the amount in excess of what is covered by the CLC.” last month, compensation for victims of the oil spill was already expected to exceed the civil liability cover provided by the Shipowners’ P&I Club, the insurer of MT Princess Empress.
Under the 1992 CLC, shipowners are held strictly liable for oil pollution damages up to a limit, which is based on the tonnage of their ship. The shipowner is also obligated to maintain insurance to cover its liability under the 1992 CLC.
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