Protocol to Amend the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage (FUND 2)

General Information

  1. Type: Convention
  2. Date of signature:
  3. Place of signature: London, United Kingdom
  4. Depositary:
  5. Date of entry into force: 30/05/1996

Category

Environment and products

Sub category

Maritime and Law of the Sea

Groups

IMO

What is it about?

This Protocol aims to replace the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage (FUND) (London, 18 December 1971). It creates a new compensation fund offering a worldwide compensation that can reach as high as 256 million US dollars. State parties to the 1992 Protocol cease to be parties to the Convention of 1971. The amendments of 18 October 2000 and the Protocol of 16 May 2003 can still raise the amount of compensation offered to victims of oil spills up to a ceiling of 1 billion US dollars.

Why is it relevant?

State parties to the Protocol of 1992 enjoy an improved compensation scheme in cases where they are damaged by oil spills. These funds also offer increased compensation for losses caused by pollution and damage to the fishing and tourism industry. The amount of compensation allocated to owners of ships is also raised. The Protocol of 1992 is said to have become the instrument of reference in compensation for oil pollution damage.

Additional Information

The International Compensation Fund for oil pollution damage created by the 1992 Protocol (FUND 2) is administered like the 1971 (FUND) by a Secretariat which is headquartered in London. In 2003, the Protocol of 1992 was ratified by 86 States representing 87% of the world fleet.

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