How much compensation can the IOPC Funds pay?
The maximum payable by the 1992 Fund for any incident occurring on or after 1 November 2003 is 203 million Special Drawing Rights (SDR) (US$311 million). The maximum payable by the 1992 Fund for any incident occurring before 1 November 2003 is 135 million SDR (US$207 million). The maximum payable by the 1971 Fund for an incident is only 60 million SDR (US$92 million). These amounts are less the compensation paid by the shipowner. As of March 2005, additional compensation will be available for victims in States which are Members of the 1992 Fund and join the International Oil Pollution Compensation Supplementary Fund . The maximum payable by the Supplementary Fund for one incident will be 750 million SDR (US$1 148 million), less the compensation paid by the shipowner and the 1992 Fund.
