Decision ID: 001417

In February 2003 the 1992 Fund Executive Committee and the 1971 Fund Administrative Council expressed their satisfaction that the Settlement Agreement between the IOPC Funds on the one hand and the shipowner and insurer on the other, had been signed on 28 October 2002 and that in accordance with the agreement, the insurer had reimbursed the IOPC Funds £27.3 million in respect of compensation payments and £3.6 million in respect of the insurer’s share of the joint costs. It was also noted that the insurer had paid the 20% balance of all settled claims, that all claimants had therefore been fully compensated and that all legal actions had been withdrawn.

Date: 01.02.2003
Category: Compensation payments
Subject: Global settlements