Decision ID: 000629

In June 1996 the 1971 Fund Executive Committee, noting that the shipowner had not commenced limitation proceedings before the expiry of the time period laid down in Korean law and that he had therefore under Korean law lost the right to limit his liability, considered that, although the 1971 Fund Convention did not contain any provision making the shipowner’s right to indemnification conditional on the shipowner being entitled to limit liability, it would be inappropriate for the Fund to indemnify the owner of the Sung Il No.2 for a portion of the amount paid by the owner in compensation.

Date: 31.05.1996
Category: Financial limits, limitation proceedings and indemnification
Subject: Indemnification of the shipowner under Article 5.1 of the 1971 Fund Convention