I. The text of this explanatory report does not constitute an instrument supplying an authoritative interpretation of the text of the Convention while it may well facilitate the understanding of the provisions of the Convention. The level of cover need to be equal to the limits of liability under the applicable national or international limitation regime, but in no case exceeding the quantity calculated in accordance with the Convention on Limitation of Liability for Maritime Claims, 1976, as amended. The Protocols to the 1969 Civil Liability Convention and the 1971 Fund Convention are adopted internationally. After that date a state will not be capable to be a party to each the 1969 and 1992 CLC.

In order to address the imbalance made by the establishment of the Supplementary Fund in between the shipping and oil industries, two voluntary agreements exactly where introduced by the International Group of P&I Clubs: the … Read the rest >>>