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27/10/2003
Oil spills compensation fund to top £180m
The level of compensation available to victims of oil pollution from tankers such as the Braer and Sea Empress is set to rise by just over 50% from today.
Coastal communities, local businesses and many others who incur costs and losses as a result of oil spills will be able to claim up to £180 million from the International Oil Pollution Compensation Fund. The new regime will give greater financial protection, faster settlements and reduce the risk of claims not being paid in full.
The amount which the 1992 CLC and Fund regime could use to provide compensation for any single oil spill from a tanker was previously about £120 million.
Moves to increase the level of compensation available were first proposed by the UK in 2000, and were subsequently agreed by 85 states at the International Maritime Organization (IMO) in 2000. The two conventions which govern the oil pollution compensation regime require a three-year period to complete the process to increase the limit.
David Jamieson, Shipping Minister, said: "The compensation regime will be now be able to respond much better to clean-up costs and the economic losses that can arise out of a major oil tanker disaster and ensure that claimants have a better prospect of being paid quicker and in full.
"It is worth reflecting that this new overall limit of compensation is 330% more than was available to meet the claims generated by the Braer in Shetland in 1993 and the Sea Empress in South Wales in 1996."
(gmcg)
Coastal communities, local businesses and many others who incur costs and losses as a result of oil spills will be able to claim up to £180 million from the International Oil Pollution Compensation Fund. The new regime will give greater financial protection, faster settlements and reduce the risk of claims not being paid in full.
The amount which the 1992 CLC and Fund regime could use to provide compensation for any single oil spill from a tanker was previously about £120 million.
Moves to increase the level of compensation available were first proposed by the UK in 2000, and were subsequently agreed by 85 states at the International Maritime Organization (IMO) in 2000. The two conventions which govern the oil pollution compensation regime require a three-year period to complete the process to increase the limit.
David Jamieson, Shipping Minister, said: "The compensation regime will be now be able to respond much better to clean-up costs and the economic losses that can arise out of a major oil tanker disaster and ensure that claimants have a better prospect of being paid quicker and in full.
"It is worth reflecting that this new overall limit of compensation is 330% more than was available to meet the claims generated by the Braer in Shetland in 1993 and the Sea Empress in South Wales in 1996."
(gmcg)
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