Decision ID: 003227

In February 1998 the 1971 Fund Executive Committee referred to the Fund’s policy not to make payments in full against a guarantee by the claimant to repay the Fund if the latter’s maximum liability were to be exceeded, since it would not be possible for the Fund to make an assessment of the solvency of individual claimants. The Committee decided therefore that the Fund would not be able to pay in full the uncontested items of the claim by Repsol (the company that owned the cargo on board the Aegean Sea which had incurred costs in respect of clean-up and the removal of the remaining oil from the vessel) against a guarantee by Repsol to adjust the amount payable at a later stage, should a proportional reduction of payments become necessary.