New agreement on Interim Payments signed by IOPC Funds and the P&I Clubs
On 21 December 2016, the Director and the Chairman of the International Group of P&I Associations, Mr Hugo Wynn-Williams, signed the Agreement on standard terms relating to interim payments. The purpose of the Agreement is to enable payments of compensation to be made as promptly as possible after an oil spill, whilst ensuring that the total amount paid is ultimately borne by the Club/shipowner and the IOPC Funds in the proportions envisaged by the 1992 Conventions.
The Agreement, which was approved by the 1992 Fund and Supplementary Fund Assemblies in October 2016, included an appendix containing a template of terms and conditions which would apply on a case-by-case basis and have to be approved by the 1992 Fund Executive Committee.
Further information regarding the Agreement can be found here.
The Director stated that he was delighted that an agreement had been reached with the P&I Clubs and looked forward to continuing the close cooperation that the Funds and the Clubs have enjoyed for the benefit of victims of oil spills.