The International Oil Pollution Compensation (IOPC) Funds is to investigate the problem of unreliable insurers failing to meet their obligations after tanker spills.
There have been a number of cases where insurers have been reluctant to meet compensation claims following spills, although these incidents do not involve large tankers covered by the major protection and indemnity clubs.
The IOPC Funds pay the cargo side compensation supplementing shipowners’ contribution that come from P&I clubs or fixed premium insurers.
