When CLC compensation is insufficient, this fund supplements the insurance-backed liabilities of tanker owners’ CLC. The International Convention on the Establishment of an International Fund for the Compensation of Oil Pollution Damage, signed in 1992, is the foundation of the Fund. The Fund is an international intergovernmental organisation. The Fund’s maximum payout for a single incident was increased in November 2003 to £203 million in Special Drawing Rights (equivalent to £180 million). The Fund is supported by levies levied on the oil industry.
See Also 1992 CLC.