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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 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 ...
American Bureau of Shipping, Inc. court case was dismissed after the presiding judge ruled that ABS is a "person" as defined by the International Convention on Civil Liability for Oil Pollution Damage (CLC) and, as such, is exempt from direct liability for pollution damage. Furthermore, the judge ruled that, since the United States is not a ...
The Certificate of Financial Responsibility (COFR) program was created to ensure that tankers, barges, and other vessels used to transport oil and chemical-based products on U.S. should bear any ensuing cleanup costs from spills or leaks.
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
Legal immunity, or immunity from prosecution, is a legal status wherein an individual or entity cannot be held liable for a violation of the law, in order to facilitate societal aims that outweigh the value of imposing liability in such cases.
Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which helps protect professional advising, consulting, and service-providing individuals and companies from bearing the full cost of defending against a ...
Violation of the registration requirements can lead to near-strict civil liability for the issuer, underwriters, directors, officers, and accountants under §§ 11, 12(a)(1), or 12(a)(2) of the 1933 Act. [20] However, in practice the liability is typically covered by directors and officers liability insurance or indemnification clauses. [21]: 4