FUND92 establishes an international compensation fund for oil pollution victims when shipowner liability is insufficient, covering 95% of world merchant fleet tonnage.
Key Facts
- Entry into force
- 30 May 2006
- Ratifying states (as of Nov 2018)
- 115 states
- World fleet tonnage covered
- 95 percent
- Original FUND convention year
- 1969
- Administering body
- International Maritime Organization
By the Numbers
Cause → Event → Consequence
The original 1969 FUND convention was created to complement the Civil Liability Convention (CLC), aiming to shield shipowners from disproportionate liability in unforeseeable circumstances while also addressing concerns from member states that existing liability caps were inadequately low for pollution victims.
The 1992 convention, known as FUND92, was adopted as a revised international maritime treaty administered by the International Maritime Organization. It obligates the fund to compensate pollution victims when damages exceed shipowner liability, when no liable shipowner exists, or when the shipowner cannot pay, and also indemnifies compliant shipowners in certain spill scenarios.
By November 2018, FUND92 had been ratified by 115 states representing 95 percent of global merchant fleet gross tonnage, entering into force on 30 May 2006. Several flags of convenience, including Bolivia, North Korea, Honduras, Lebanon, and Mongolia, remained outside the treaty framework.
Political Outcome
International compensation framework established for oil pollution damage, entering into force 30 May 2006 with 115 state parties covering 95% of world merchant fleet tonnage.