Abstract
An international regime of liability and compensation for oil pollution caused by tankers has been in place for close to 45 years. This chapter provides a background on the international regime of liability and compensation for oil pollution caused by ships. The regime represents a highly successful mechanism for the payment of compensation for oil spills involving tankers. An examination of the elements of the international regime providing compensation for tanker spills shows that it was designed essentially to address the problems of the Torrey Canyon incident. The International Oil Pollution Compensation fund (IOPC fund), set up under the fund Convention is available to pay compensation to the extent that compensation for damage caused by a tanker spill is insufficient or not available from the registered owner or the insurer. The success of the international regime depends on proper implementation of the conventions in the legislation of member states. Keywords: International Oil Pollution Compensation (IOPC) fund; international regime of liability; oil pollution damage; tankers; Torrey Canyon incident
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