Small Tanker Oil Pollution Indemnification Agreement

Following the adoption by the members of the ECM on 17 January 2006, an amendment to Article 19, paragraph 13, of the EU Regulation effective 20 February 2006 will lead to the fact that members owning tankers with a share of 29,548 gt or less and capable of transporting persistent oil in bulk in bulk become a part according to STOPIA 2006. Similarly, a new provisional Rule 19 (13) has been added to the EU regulation, which provides that members who own an oil tanker capable of transporting persistent oil in bulk in the form of freight will be involved in TOPIA 2006. The responsibility of a member to compensate the 1992 Fund under STOPIA 2006 and to compensate the supplementary fund under TOPIA 2006 is carried out by the Club in accordance with the member`s rules and conditions of entry. Since October, several meetings have been held with the Fund secretariat and the OCIMF to find an acceptable mechanism to implement the shipowners` supply. In addition, regular consultations were held with the ICS and Intertanko to ensure that the content of the new agreements was acceptable to as much of the maritime enterprise as possible. These discussions culminated in the two attached draft contracts, TOPIA 2006 (Tanker Oil Pollution Innification Agreement 2006) and STOPIA 2006 (Small Tanker Pollution Pollution Innification Agreement 2006), which the Board of Directors reviewed and approved at its meeting on 17.01.06. Copies of TOPIA 2006 and STOPIA 2006 are attached to this circular as Appendix 1 and Appendix 2. The Small Tanker Oil Pollution Agreement (STOPIA) and the Tanker Oil Pollution Agreement (TOPIA) were concluded in 2006 to meet the wishes of the owners of the International Group Club to ensure the continued success of the international compensation scheme for oil pollution. In particular, in light of the recent introduction of the 2003 Protocol on Supplementary Funds, the desire was expressed to ensure that the costs of responding to persistent oil leaks from oil tankers are borne more equitably by oil producers and recipients. ARRIA 2006 provides for shipowners to make payments to the 1992 Fund to adjust the financial consequences of the limitation of liability under the 1992 International Convention on Civil Responsibility for Damage caused by Oil Pollution (1992 CLC) for tanker spills of less than 29,548 GT.

TOPIA 2006 provides for shipowners to compensate the additional fund for 50% of the compensation it paid under the 2003 Protocol for damage caused by pollution caused by tankers in the Member States of the Protocol. Regardless of the expected source of compensation, the claims process will generally be followed by a number of steps. It is the applicant`s responsibility to provide adequate evidence of their loss.