Decision ID: 000751

In April 1997 the 1992 Fund Assembly agreed that, since the flag State of the Nakhodka (Russian Federation) had not ratified the 1992 Protocols, but was Party to the 1969 Civil Liability and 1971 Fund Conventions, the shipowner’s right of limitation should be governed by the 1969 Civil Liability Convention, to which both Japan and the Russian Federation were Parties. The Committee confirmed that the total amount of compensation available would be 135 million SDR and that compensation would be paid firstly by the shipowner under the 1969 Civil Liability Convention (up to 1,588,000 SDR) followed by the 1971 Fund under the 1971 Fund Convention (up to 58,412,000 SDR) and finally by the 1992 Fund under the 1992 Fund Convention (up to 75,000,000 SDR).

Category: Financial limits, limitation proceedings and indemnification
Subject: Maximum aggregate amount payable under the Conventions in accordance with Article 4.4 of the 1971 and 1992 Fund Conventions