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The International Convention on Civil Liability for Oil Pollution Damage, 1969, renewed in 1992 and often referred to as the CLC Convention, is an international maritime treaty admistered by the International Maritime Organization that was adopted to ensure that adequate compensation would be available where oil pollution damage was caused by maritime casualties involving oil tankers (i.e ...
The Oil Pollution act imposes long-term impacts due to the potential for unlimited liability and the statute's that hold insurers to serve as guarantors, which has ultimately resulted in the refusal of insurance companies to issue agreements of financial liability to vessel operators and owners.
The fund is obliged to pay victims of pollution when damages exceed the shipowner's liability, when there is no liable shipowner, or when the shipowner is unable to pay its liability. [2] The fund is also required to "indemnify the shipowner or his insurer" in spills where a ship is in full compliance with international conventions, and no ...
Legislation that passed the House of Representatives on Friday would, among other things, eliminate the current $75 million cap on liabilities related to oil spills. The Consolidated Land, Energy ...
The International Convention on Civil Liability for Bunker Oil Pollution Damage (BUNKER) is an International treaty listed and administered by the International Maritime Organization, [1] signed in London on 23 March 2001 and in force generally on 21 November 2008. The purpose is to adopt uniform international rules and procedures for ...
The United Nations has secured insurance coverage to start a ship-to-ship transfer of 1.1 million barrels of crude from a rusting tanker moored off the coast of war-torn Yemen — oil that could ...
Pollution insurance usually takes the form of first-party coverage for contamination of insured property either by external or on-site sources. Coverage is also afforded for liability to third parties arising from contamination of air, water, or land due to the sudden and accidental release of hazardous materials from the insured site.
The cost of insurance for ships sailing through the Red Sea has nearly doubled after Yemen's Houthis attacked a tanker that appears to be leaking oil, with environmental fears growing for trade ...