Decision ID: 001113

In April 2000 the 1971 Fund Administrative Council, noting the considerable time that would elapse before the limitation amount applicable to the Sea Prince would be determined by the Court, decided as an exception to authorise the Director to agree with the shipowner/insurer on the exchange rate between the Special Drawing Right (SDR) and the Korean Won to be applied to establish the limitation amount and to determine the amount of indemnification payable by the Fund under Article 5.1 of the 1971 Fund Convention.

Date: 31.03.2000
Categories: Financial limits, limitation proceedings and indemnification, Legal actions
Subjects: Limitation proceedings, subrogated claims and distribution of the shipowner's limitation fund under Article V of the 1969 and 1992 Civil Liability Conventions, Limitation proceedings, subrogated claims and distribution of the shipowner's limitation fund under Article V of the 1969 and 1992 Civil Liability Conventions

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