Decision ID: 000630

In June 1996 the 1971 Fund Executive Committee, noting that the Dae Wong during the voyage in question carried an oil cargo of less than 2 000 tonnes, decided that since the compulsory insurance requirement under the Civil Liability Convention applied only to ships carrying more than 2 000 tonnes of oil as cargo, the Korean authorities were not in breach of the provisions of the Convention for having issued an insurance certificate for the Dae Wong on the basis of a bank guarantee without ensuring that the guarantee could not be revoked before the three month period laid down in the Convention.