IOPC Fund 1992

The International Oil Pollution Compensation Fund 1992 is the intergovernmental organization that administers the second tier of oil pollution compensation under the 1992 Fund Convention. It pays claims for pollution damage from persistent oil spilled by laden tankers where the shipowner’s CLC liability is exhausted or unavailable, up to a combined CLC-and-Fund ceiling of about 203 million SDR per incident. Funding comes from levies on entities receiving more than 150,000 tonnes of contributing oil a year in member states. The 1992 Fund has handled major cases including the Erika and Prestige spills.