Decision ID: 001363

In May 2002 the 1971 Fund Administrative Council decided that the 1971 Fund should grant the request of the shipowner’s insurer to waive the requirement under Article V.3 of the 1969 Civil Liability for the constitution of the limitation fund in view of the relatively low limitation amount applicable to the Singapura Timur and bearing in mind that the Fund would not make any compensation payments until the shipowner/insurer had paid up to the limitation amount.

Date: 31.03.2002
Category: Financial limits, limitation proceedings and indemnification
Subject: Establishment of the shipowner's limitation fund