Supplementary Fund Protocol 2003

The 2003 Supplementary Fund Protocol to the 1992 Fund Convention, adopted 16 May 2003 and in force 3 March 2005, created an optional third tier of oil pollution compensation for member states. Where the combined 1992 CLC and 1992 Fund limits are insufficient, the Supplementary Fund raises the total available compensation to 750 million SDR per incident, including the amounts payable under the lower tiers. It is financed by levies on oil receivers in the states that join it, and it gives high-risk receiving states extra protection without changing the underlying CLC and Fund structure.