A Protocol to the 1969 CLC, the International Convention for Civil Liability for Oil Pollution Damage. Makes shipowners strictly liable for oil pollution damage caused by tanker spills of persistent oil. Tonnage is used to calculate liability. CLC establishes mandatory insurance and makes direct claims against the insurer possible. The 1992 Fund supplements it (the IOPC 1992 Fund). Non-tanker bunkers are subject to the International Liability for Bunker Oil Pollution Damage 2001.
Also see the MERCHANT SHIPPING (SALVAGE AND POLLUTION) ACT OF 1994 and the POLLUTION CLAUSE.
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.
The insured may select a sending limit based on his experience and needs, as well as take steps to ensure that the maximum value per vessel or other conveyance is not exceeded. There are circumstances beyond the insured’s control in which the accumulation may exceed the selected limits. For example, at any load port awaiting shipment, if there is a delay in vessel arrival, a port strike, etc., accumulations may exceed the policy’s sending limits. Because these events are beyond the insured’s control, the 200% accumulation clause provides him with additional protection. According to the policy, the policy will cover the entire amount at risk as long as it does not exceed twice the limit chosen per vessel or other carrying conveyance. It also imposes a duty on the insured to notify the insurer of this accumulation as soon as he or she becomes aware of it.
MARINE: This is the highest rating given by Lloyd’s Register to a ship for its seaworthiness. It is also known as “First Class.” The letter “A” indicates that the ship’s hull is strong and safe on the water, and the letter “1” indicates that its rigging and gear are in good condition.
USA MEDICAL: HCPCS Level II modifier for wound dressing that can be used with CPT or HCPCS Level II codes. The use of this modifier has an impact on Medicare payment.
The right of a insured to relinquish ownership of the insured property to the underwriter in exchange for a constructive total loss payment. The underwriter is not bound to accept abandonment but in doing so, he accepts responsibility for the property and liabilities attaching thereto, in addition to paying the full sum insured.
Marine: Mainly applies to marine insurance ( See Salvage ).
Property: It is expressly prohibited in most property polices.
Medical: To discontinue medical care by a provider without proper notice after accepting a patient.
The intention behind marine insurance contracts is to cover the discharge of insured cargo at a port of distress.
The latter term refers to any port, short of destination and within sight of the intended port of discharge, at which the carrier discharges the cargo because the ship has encountered problems that prevent her from continuing the transit of the goods.
When the cargo arrives at its destination, it may be difficult to determine whether the forced discharge caused the loss or damage.
For example, it could have occurred during reloading, onward carriage, or unloading at the final port of discharge. Evidence must demonstrate that the loss or damage is reasonably attributed to discharge at the port of distress.