ABSTRACT
Compensation for oil spills from laden tankers has so far been governed by two international conventions adopted under the auspices of the International Maritime Organization: the 1969 Civil Liability Convention and the 1971 Fund Convention. Ninety-six states are parties to the 1969 Civil Liability Convention, and 70 states are parties to the 1971 Fund Convention. The United States is not party to either of these conventions.
In 1992, two protocols were adopted amending the 1969 Civil Liability Convention and the 1971 Fund Convention. The conventions as amended by the 1992 protocols (the 1992 conventions), which entered into force on May 30, 1996, give better economic protection to victims of oil pollution damage caused by oil spills from tankers than the conventions in their original versions.
Under the 1992 conventions, the available compensation amounts per incident (including the sum actually paid by the shipowner and his or her insurer) have been increased from US$87 million to approximately US$196 million.
The 1971 Fund Convention set up an intergovernmental organization, the 1971 Fund, to administer the compensation system. The new system of compensation established under the 1992 Fund Convention is administered by a separate legal entity: the 1992 Fund. The two funds share a secretariat.
