April 23, 2009 (New York, NY) On November 21, 2008, The International Convention on Civil Liability for Bunker Oil Pollution Damage, 2001 (IMO Bunker Convention) entered into force establishing shipowner liability for spills of oil when carried as fuel in ships’ bunkers.
In the months since its inception, 12 additional countries have adopted the Convention, bringing the total number to 38. Importantly, this affects 75.5% of world tonnage*.
Water Quality Insurance Syndicate (WQIS) is authorized by the majority of the flag states to provide the financial guarantee needed to obtain the certificate vessels must produce in compliance of this Convention. True to form, WQIS remains ahead of its competitors in anticipating the needs of the maritime community by making this guarantee available. Providing the guarantee for vessels flagged outside of the United States also enters WQIS into the global marketplace. Â
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Recently signed states to the IMO Bunker Convention include:Â
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State – Effective DateÂ
Tuvalu – April 12, 2009Â
Panama – May 17, 2009Â
Ethiopia – May 17, 2009Â
Russia – May 24, 2009Â
Australia – June 16, 2009Â
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*Source: Â Lloyd’s Register/Fairplay World Fleet Statistics 31 December 2007Â
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About The IMO Bunker ConventionÂ
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. Contracting States to the Convention per the IMO website as of March 31, 2009 are: Antigua & Barbuda, Australia, Bahamas, Bulgaria, China, Cook Islands, Croatia, Cyprus, Denmark, Estonia, Ethiopia, Finland, Germany, Greece, Hungary, Ireland, Jamaica, Latvia, Lithuania, Liberia, Luxembourg, Malaysia, Malta, Marshall Islands, Norway, Panama, Poland, Russia, St. Vincent & Grenadines, Samoa, Sierra Leone, Singapore, Slovenia, Spain, Tonga, Tuvalu, United Kingdom and Vanuatu. Additional Flag States to the Convention are: Cayman Islands, Hong Kong, Isle of Man and Macau.
About WQIS WQIS is the largest U.S.-based underwriter of pollution liability insurance for marine vessels. With over 38 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.
