Decision ID: 000420

In October 1994 the 1971 Fund Executive Committee, noting the Fund’s involvement in the incident was limited to the payment of indemnification and also noting the legal problems encountered by the P&I insurer in establishing the limitation fund, decided as an exception to waive the requirement to establish the fund and endorsed the Director’s proposal that the point of the Fund’s intervention under Article 5.1(a) of the 1971 Fund Convention should be calculated on the basis of the rate of the Italian lira vis-a-vis the SDR on 18 October 1994.

Date: 30.09.1994
Category: Financial limits, limitation proceedings and indemnification
Subjects: Indemnification of the shipowner under Article 5.1 of the 1971 Fund Convention, Establishment of the shipowner's limitation fund