Director authorised to pay compensation, signs interim payment agreement in Terranova incident

The Terranova incident (the Philippines, July 2024) was the subject of a detailed report and presentation to the 1992 Fund Executive Committee at its 83rd session held in early November 2024.

The insurer of the Terranova, Steamship Mutual Underwriting Association Limited (Steamship Mutual), and the 1992 Fund have continued to collect claims at their joint Claims Submission Office in San Jose, Balanga City, following the incident. Claims for compensation will imminently surpass the 1992 Civil Liability Convention (1992 CLC) limit and it is highly likely that they will reach and exceed the Small Tanker Oil Pollution Indemnification Agreement, 2006 (as amended 2017) (STOPIA 2006) limit.

Noting the information provided, the Executive Committee decided to authorise the Director, Gaute Sivertsen, to make payments in respect of losses arising out of this incident. The Committee also authorised him to sign an agreement on interim payments with Steamship Mutual, which would apply retrospectively.

The Director took the opportunity of the meeting to thank the Philippine Government, and the Philippine Coast Guard in particular, as well as Steamship Mutual for their continued assistance and excellent cooperation.

On 11 November 2024, Mr Sivertsen and Steamship Mutual signed an agreement on interim payments at the IOPC Funds’ offices in London.
Further information regarding the latest developments in the incident can be found at: www.terranovainformationcentre.com

Specific information for claimants, including claim forms, which are available in both English and Tagalog, can be found here.