Decision ID: 001379

In July 2002 the 1992 Fund Executive Committee recalled that the 1971 Fund had purchased insurance covering any liabilities of the 1971 Fund for compensation and indemnification up to 60 million SDR per incident minus the amount actually paid by the shipowner/insurer under the 1969 Civil Liability Convention as well as legal and other expert’s fees in respect of all incidents occurring between 25 October 2000 and 24 May 2002, the date when the 1971 Fund Convention ceased to be in force. The Committee also recalled that under the terms of the insurance policy the 1971 Fund had to cover a deductible of 250,000 SDR for each incident. The Committee noted that the 1971 Fund Administrative Council had, at its 8th session, decided that on the basis of the SDR:pound sterling exchange rate on 12 April 2001, the deductible under the insurance policy would be £220 325 in respect of the Zeinab incident.

Date: 30.06.2002
Categories: Administrative matters, Financial limits, limitation proceedings and indemnification
Subjects: Operation and winding up of the 1971 Fund after May 1998, Determination of the 1971 Fund's deductible under the terms of the insurance cover