International Oil Pollution Compensation Funds (IOPC Funds)
The International Oil Pollution Compensation Funds (IOPC Funds) provide financial compensation for oil pollution damage that occurs in Member States, resulting from spills of persistent oil from tankers. The history of the IOPC Funds began with the oil spill from the Torrey Canyon, which ran aground near the Scilly Isles in 1967, fouling UK and French coastlines. This incident exposed a number of serious shortcomings, in particular the absence of an international agreement on liability and compensation in the event of such a spill. It led the international community to establish, under the auspices of the International Maritime Organization (IMO), a regime for compensation for victims of oil pollution. Since their establishment, the 1992 Fund and the preceding 1971 Fund have been involved in 149 incidents of varying sizes all over the world.
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- Business Type:
- Professional association
- Industry Type:
- Oil, Gas & Refineries - Oil
- Market Focus:
- Globally (various continents)
This company also provides solutions for other industrial applications.
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