Decision ID: 001473

In October 2003 the 1971 Fund Administrative Council decided, in view of the considerable time that could elapse before the limitation amount would be determined by the Court, to authorise the Director to agree with the shipowner’s insurer on an exchange rate between the Special Drawing Right (SDR) and the Korean Won to be applied to establish the limitation amount applicable to the vessel.

Date: 30.09.2003
Category: Financial limits, limitation proceedings and indemnification
Subject: Establishment of the shipowner's limitation fund