Fund Convention 1992

The 1992 Fund Convention establishes the International Oil Pollution Compensation Fund 1992, the second tier of the maritime oil pollution compensation regime sitting above shipowner liability under the 1992 Civil Liability Convention. When CLC compensation is unavailable or insufficient, the 1992 Fund pays victims of oil pollution from laden tankers, financed by levies on oil receivers in member states. The combined CLC and Fund limit is about 203 million SDR per incident; the 2003 Supplementary Fund Protocol adds a third tier for states that opt in.