Decision ID: 003426

In October 1992 the 1971 Fund Assembly noted the decision by the Court of first instance in Genoa that the maximum amount payable by the 1971 Fund under Article 4.4 of the 1971 Fund Convention should be calculated by the application of the free market value of gold, which gave an amount of £350 million (including the amount payable by the shipowner under the 1969 Civil Liabiliy Convention) instead of £47 million, as maintained by the Fund calculated on the basis of the Special Drawing Right (SDR) of the International Monetary Fund. The Assembly expressed its grave concern as regards the consequences of the decision rendered by the court for the future of the international regime on liability and compensation established by the 1969 Civil Liability Convention and the 1971 Fund Convention and agreed with the view expressed in the Fund’s pleadings that the universially accepted interpretation of the 1971 Fund Convention was that the limit of the 1971 Fund’s cover should be determined by using the SDR.

Date: 30.04.1992
Categories: Legal actions, Financial limits, limitation proceedings and indemnification
Subjects: Limitation proceedings, subrogated claims and distribution of the shipowner's limitation fund under Article V of the 1969 and 1992 Civil Liability Conventions, Judgements in respect of the maximum aggregate amount payable under the Conventions in accordance with Article 4.4 of the 1971 and 1992 Fund Conventions, Maximum aggregate amount payable under the Conventions in accordance with Article 4.4 of the 1971 and 1992 Fund Conventions