Effective June 8th, 2015, the limit of liability under the Bunker Convention will increase by approximately 50%.
Under the amendments to the 1996 Protocol to the LLMC Convention, the limits are raised as follows:
The limit of liability under the Bunker Convention for ships not exceeding 2,000 gross tonnage is 1.51 million SDR (up from 1 million SDR).
For larger ships, the following additional amounts are used in calculating the limitation amount:
- For each ton from 2,001 to 30,000 tons, 604 SDR (up from 400 SDR)
- For each ton from 30,001 to 70,000 tons, 453 SDR (up from 300 SDR)
- For each ton in excess of 70,000 tons, 302 SDR (up from 200 SDR).
The current conversion rate for an SDR is approximately 1.5 U.S. Dollars.
Water Quality Insurance Syndicate (WQIS) is authorized by the majority of the flag states to provide the financial guarantee (“Bunker Convention Blue Card”) needed to obtain the certificate vessels must produce in compliance of this Convention.
About The IMO Bunker Convention
The International Convention on Civil Liability for Bunker Oil Pollution Damage, 2001 (IMO Bunker Convention) establishes shipowner liability for spills of oil when carried as fuel in ships’ bunkers. All vessels over 1,000 gross tonnage for the waters of the signatory nations and for all signatory flag vessels must carry and produce a certificate certifying that it has insurance or other financial security to cover the liability of the registered owner for pollution damage in an amount equal to the limits of liability under the applicable national or international limitation regime.
WQIS is the largest U.S.-based underwriter of pollution liability insurance for marine vessels. With over 44 years in the industry, no one has more marine pollution insurance and spill response expertise, or offers more innovative coverage to the marine community. WQIS is dedicated to providing the broadest coverage and creating the most responsive organization to serve the needs of their clients.