The structure of this Convention three differs from that of the CLC due to the fact there are no provisions on the limitation of liability of the owner, nor is it complemented by a Fund Convention. The 1992 Fund Convention established the International Oil Pollution Compensation Fund 1992 (1992 Fund) to offer compensation for victims who are unable to receive full compensation beneath the Civil Liability Convention. NB: Because the advent of the 1992 Protocol it is no longer feasible for countries to ratify the 1969 Civil Liability Convention.
Due to the fact 1998, Parties to the 1992 Protocol ceased to be Parties to CLC 1969, simply because the new, revised Convention took its place. The actions introduced before the Courts of the US, which is not a Party to the IMO civil liability Conventions, have been in basic unsuccessful. The essential legal components of the international regime established by the 1992 CLC can be summarized as follows.
This Convention shall supersede any Convention in force or open for signature, ratification or accession at the date on which this Convention is opened for signature, but only to the extent that such Convention would be in conflict with it however, nothing in this article shall have an effect on the obligation of States Parties not party to this Convention arising below such Convention.
For ships carrying much more than 2 000 tonnes of oil as cargo in bulk, the shipowner is obliged to sustain insurance to cover his liability under the 1992 CLC, and claimants have a right of direct action against the insurer. An HNS Fund (which will most probably be administered by the secretariat of the 1992 IOPC Fund) delivers compensation up to a total of SDR 250 million (US$ 385 million), inclusive of shipowner liability but irrespective of ship size.
Rights of compensation beneath this Convention shall be extinguished unless an action is brought thereunder within three years from the date when the harm occurred. Exactly where much more than 1 particular person is liable in accordance with paragraph 1, their liability shall be joint and many. Thirdly, the liability is channelled” to the registered owner of the vessel, which becomes accountable ope legis for any pollution harm triggered by the ship. This section is only applicable to ships flying the flags of a State party to the 1992 CLC (see Annex 1) or of States which are not parties to either 1969 or 1992 CLC, i.e. States which are not list in Annex 1 or Annex two.