The Role of IOPC funds in Establishing the Limits of Liability for Transboundary Sea Transportation of Oil Refined Products

Transportation of crude oil and its processed products has traditionally been classified as a costly and hazardous activity. The insurance of such cargoes is no less complicated. On the one hand, there is a need to pool the funds of shipowners. At the same time, the actual carrier is generally vested with responsibility for the occurrence of an event ensured. Insurance paying capacity is based on the costs preceding insurance payments. While it is easier to assign calculation of insurance costs to the consolidated group of insurers. Only then the limitations of liability are flawless and the nature of the risks correspond to the maximum level of insurance protection. Ultimately, the limits of liability are resistant to any loss. However, mutual insurance means creation of new insurance products where compensation and protection are firmly linked. The emergence of a powerful financial trust leads to the cumulation of assets and their targeted distribution. As a result, an extreme fragmentation of operational risk indicators is overcome. Fixed-term contracts advance commencement of payments of compensations for the primary risk alone. The guarantees of impending coverage shall be freely determined and the risk obligation shall be incorporated into the direct cost of insurance premium. The IOPC funds increase the liquidity of assets.

Environmental risks, insurance coverage formation, mutual insurance clubs, cumulation of assets, credit portfolio, insurance rate, gross tonnage, limits of insured liability, insurance policy, credit risk

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